U.S. Senator Cynthia Lummis argued that the Division of Justice’s place on crypto self-custody conflicts with present Treasury steerage and breaches the rule of legislation.
Lummis (R-WY) says she opposes the Biden Administration’s criminalization efforts associated to the Bitcoin (BTC) community and decentralized finance (defi).
The Division of Justice’s stance has prompted authorized actions towards cryptocurrency entities, such because the indictment towards Bitcoin mixer Samourai Pockets and Twister Money developer Roman Storm for unlicensed cash transmission.
The cryptocurrency group, led by advocacy teams like Coin Middle, has strongly opposed the DOJ’s interpretation.
“Each functioning cryptocurrency pockets and good contract is doing cash transmission and each developer is engaged in unlicensed cash transmission,” mentioned Peter Van Valkenburgh, director of analysis at Coin Middle, noting that this stance contradicts FinCEN’s established pointers.
Coin Middle has additionally filed an amicus temporary in help of Roman Storm, asserting that the publication of Twister Money’s code is protected below the First Modification.