Lummis and Wyden Unite to Protect Crypto Development

Cynthia Lummis, the Bitcoin-supporting U.S. senator from Wyoming, has declared that the Biden administration is trying to criminalize the development of Bitcoin software and wrongfully applying FinCEN laws.

U.S. Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) wrote U.S. Attorney General Merrick Garland a letter in which they expressed their concerns over the U.S. Department of Justice's (DOJ) interpretation of "money transmission" regulations.

Both senators have also argued that this deviation from the well-established definition outlined by the Treasury Department's Financial Crimes Enforcement Network (FinCEN) could criminalize fundamental aspects of Bitcoin and other cryptocurrency networks. They assert that this change inhibits responsible financial innovation within the United States.

Lummis Stands Firm on Individual Rights

Senator Lummis articulated, "The Biden administration's alteration of FinCEN's interpretation not only strays from legal precedent but also undermines the entrepreneurial spirit that drives America's global economic prominence."

Lummis also emphasized how important it is that authorities understand the difference between wallet software and illicit finance, likening the former to a highway and refuting the notion that it is responsible for facilitating criminal activities.

Lummis remains steadfast in her commitment to preserving individuals' rights to self-custody their assets. She asserts that safeguarding the right to store private keys in personal wallets is paramount. This stance is crucial for ensuring that the burgeoning Bitcoin and cryptocurrency industry can operate within the bounds of the law.

Wyden Cautions Against Misinterpretation

Senator Wyden emphasized the necessity for robust law enforcement against individuals utilizing digital assets for money laundering or tax evasion. However, he cautions against conflicting interpretations of the law by law enforcement agencies.

Expressing his apprehension, Wyden stated, "I'm concerned that the DOJ's interpretation would unjustly categorize software developers as criminals simply for creating and disseminating code utilized by others - a precedent that contradicts established legal norms and raises significant First Amendment issues."

Wyden and Senator Lummis urged the Justice Department to align its approach with that of the Treasury's Financial Crimes Enforcement Network. They prioritize action against individuals illicitly transmitting digital assets rather than targeting software developers and innovators.

Trump Extends Support to Crypto Industry

Amid the high-handed actions of the Biden administration, Republican candidate Donald Trump has offered to support the crypto industry if he comes to power. Several top personalities from the crypto space also believe that Trump would be better than Biden at handling crypto regulations.

"The Biden administration's alteration of FinCEN's interpretation...undermines the entrepreneurial spirit that drives America's global economic prominence," said Cynthia Lummis