US Senator Cynthia Lummis issues a strong statement against DOJ’s crypto crackdown

cryptodailyPublished on 2024-04-30Last updated on 2024-05-02

US Senator Cynthia Lummis issues a strong statement against DOJ's crypto crackdown  2

Cynthia Lummis opposed the Department of Justice’s (DOJ) “hyper-aggressive” argument that non-custodial software could be classified as a money transmission service. 

Since the beginning of 2023, the US authorities drastically changed their stance on the crypto sector. Many crypto companies sued by the United States Securities and Exchange Commission (SEC) and also other enforcement agencies used traditional rules & laws to create a roadblock in the path of crypto market evolution. 

As we know, recently the Department of Justice (DOJ) showed a “hyper-aggressive” stance against self-custody crypto wallets and said that non-custodial software could be classified as a money transmission service. 

On 1  May 2024, US Senator Cynthia Lummis from Wyoming took to X (formerly Twitter) to criticise the Biden Administration over crypto-related bad policies. 

Cynthia said that the Biden Administration is taking criminal action against Bitcoin, which is a fully decentralised financial system.

The US Senator added that she is troubled by the Department of Justice’s argument that non-custodial software could be considered a money transmission service, which they believe contradicts existing guidance and threatens fundamental property rights. They are committed to defending the rights of individuals to hold their keys and run their nodes.

I am deeply concerned by the Biden administration criminalizing core tenants of the Bitcoin network and decentralized finance.

My full statement. ⬇️ pic.twitter.com/M3CHcNTi3x

— Senator Cynthia Lummis (@SenLummis) May 1, 2024

This latest statement by Cynthia shows a very big picture, where we can see the intense level of fight between the Crypto market & US government authorities. 

In the past several years, Cynthia advocated Bitcoin at the government level and also assured people that Bitcoin is here to stay. 

However, it is good that the US government agencies are showing an inclination toward Crypto related business activities but notably they are taking action blindly, instead of providing any guidance or set of rules, so that crypto companies can perfectly comply with the existing rules & laws.

These days, the majority of Crypto executives are waiting for the US presidential election, which will change the whole crypto negative sentiment. 

Just a few months back, former US president Donald Trump showed his support for Bitcoin & Bitcoin payment. Also, it is worth it to note that he is currently at the top in the presidential election campaign race with huge support.

Read also: Bitcoin plunges below $57k level amid a stagflationary feel in the U.S

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Bitcoinik Investment Disclaimer

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