Republican Lawmakers Critique Treasury Department’s Crypto Recommendations
Republican lawmakers are reviewing suggestions from the Treasury Department that aim to enhance its authority over the cryptocurrency industry. Rep. Tom Emmer, a member of the House Financial Services Committee, expressed criticism towards the agency during the Blockchain Association Policy Summit. Emmer cautioned against relying on a self-proclaimed savior and questioned the agency’s intention to protect individuals.
The Treasury Department proposed various recommendations to lawmakers, including the implementation of new sanctions tools and strengthening control over dollar-based stablecoins. Deputy Secretary Wally Adeyemo raised concerns about stablecoin providers based outside the U.S. allowing the use of the dollar without proper procedures in place to prevent terrorists from exploiting their platforms.
The Pushback
Emmer pushed back against Adeyemo’s recommendations, highlighting that the Treasury had not yet responded to a letter he and other lawmakers sent regarding the role of crypto in Hamas financing. Emmer emphasized the need for a clear understanding of the issue before implementing sweeping measures. He expressed concerns about excessive surveillance and encroachment on Congress’s jurisdiction.
On the other hand, Sen. Cynthia Lummis, a member of the Senate Banking Committee, took a more measured approach during a panel discussion at the Blockchain Policy Summit. Lummis expressed interest in collaborating with Treasury on specific recommendations related to mixers and tumblers.
Hot Take: Republican Lawmakers Express Concerns Over Treasury Department’s Crypto Plan
Republican lawmakers have raised concerns about the recent recommendations made by the Treasury Department regarding its authority over cryptocurrencies. Rep. Tom Emmer criticized the agency for assuming a savior-like role and urged caution against an overreliance on their protection. Meanwhile, Sen. Cynthia Lummis took a more collaborative approach, expressing her willingness to work with the Treasury on certain recommendations. These reactions highlight the ongoing debate and differing perspectives within the Republican party regarding the government’s involvement in the crypto industry.
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