Senator Lummis Voices Opposition to DOJ’s Aggressive Stance on Crypto
Senator Cynthia Lummis strongly criticized the Department of Justice (DOJ) for its “hyper-aggressive” approach, arguing that labeling non-custodial software as a money transmission service is flawed and goes against existing Treasury guidelines.
- Lummis believes the DOJ’s position lacks common sense and violates the rule of law.
- She sees the argument against self-custody software as a threat to fundamental property rights in America.
- Lummis is committed to defending individuals’ rights to control their keys and nodes.
Senator Lummis Challenges SEC’s Crypto Crackdown
In addition to condemning the DOJ’s stance, Senator Lummis has also criticized the Securities and Exchange Commission (SEC) for its aggressive approach towards the crypto industry in 2023. She disapproved of the SEC’s actions as unnecessary and overreaching, particularly the issuance of “Staff Accounting Bulletin 121” in March 2022.
- Lummis filed an amicus brief in support of Coinbase against the SEC’s lawsuit, advocating for Congress to oversee crypto regulations.
- The Senator argued that the SEC’s broad classification of crypto assets as securities overstepped its authority.
Push for Clear Regulatory Guidelines
Senator Lummis urged for the establishment of clear regulatory guidelines following Judge Analisa Torres’ ruling that XRP should not be classified as a security. She emphasized the importance of upholding the Howey Test standard while ensuring its proper application to digital assets.
- Lummis introduced the Lummis-Gillibrand bill with Senator Kirsten Gillibrand to provide regulatory clarity for digital assets like XRP.
- The legislation aims to align the treatment of digital assets with the Howey Test interpretation from the Southern District of New York.
The Current State of the Cryptocurrency Market
Bitcoin, the leading cryptocurrency, is currently trading at $57,800 after experiencing a brief dip to $56,400 earlier in the day. The market remains volatile, influenced by various regulatory developments and market sentiment.
Hot Take: Advocating for Crypto Rights
In light of the growing regulatory scrutiny faced by the crypto industry, Senator Cynthia Lummis has emerged as a vocal advocate for the rights of individuals and businesses within the sector. Her staunch opposition to the DOJ’s aggressive stance and the SEC’s regulatory overreach underscores her commitment to protecting the innovation and freedom that cryptocurrencies offer. As the debate around crypto regulations continues, Senator Lummis remains a key figure in shaping the industry’s future.
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