Senator Cynthia Lummis of Wyoming, a proponent of Bitcoin, has said that Biden Allegedly Targets Bitcoin Developers while incorrectly implementing FinCEN regulations.
Remove the Bitcoin FinCEN Interpretation
Together, U.S. Senators Ron Wyden (D-OR) and Cynthia Lummis (R-WY) have written a letter to U.S. Attorney General Merrick Garland voicing serious concerns about what they believe to be discrepancies in the DOJ’s interpretation of the “money transmission” regulations.
Moreover, they contend that this departure from the accepted definition provided by the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department may make basic features of Bitcoin and other cryptocurrency networks illegal. Furthermore, they claim this shift prevents responsible financial innovation in the U.S.
Senator Lummis says the Biden administration’s modification of FinCEN’s interpretation “undermines the entrepreneurial spirit that drives America’s global economic prominence in addition to straying from legal precedent.”
She stressed the need to differentiate between illicit finance and wallet software, comparing the former to a highway and dispelling the idea that it aids criminal activity. Lummis is, therefore, unwavering in her dedication to upholding people’s rights to self-custody of their assets and ensuring that the rapidly growing Bitcoin and cryptocurrency sector can function within the confines of the law. She also says protecting people’s ability to keep private keys in their wallets is critical.
Software developers should not be viewed as criminals.
Senator Wyden warned about law enforcement agencies’ divergent interpretations of the law, underscoring the need for vigorous law enforcement against those using digital assets for money laundering or tax evasion.
“I’m worried that the DOJ’s interpretation would unfairly classify software developers as criminals simply for creating and disseminating code used by others,” Wyden said, expressing his concern. “This precedent goes against established legal norms and raises significant First Amendment issues.”
Senator Lummis and Senator Wyden pushed the Justice Department to match its strategy with the Financial Crimes Enforcement Network of the Treasury, giving enforcement action against people who illegally transfer digital assets priority over software developers and inventors.
In light of the corrupt practices of the Biden administration, Republican contender Donald Trump will assist the cryptocurrency sector if he wins the presidency. Regarding managing legislation about cryptocurrencies, several prominent figures in the industry think that Trump would be a better choice than Biden.
