Senator Cynthia Lummis opposes the Biden administration's strict regulations on the cryptocurrency sector, criticizing the Department of Justice's labeling of non-custodial software as a money transmission service.
๐ Lummis believes this designation infringes upon fundamental American property rights and contradicts Treasury guidelines.
๐ผ She is dedicated to safeguarding individuals' rights to manage their own cryptocurrency assets and strongly disapproves of the administrationโs approach to key Bitcoin and decentralized finance (DeFi) principles.
๐๏ธ Throughout 2023, Lummis criticized the Securities and Exchange Commissionโs (SEC) actions against the crypto industry, particularly SEC's controversial Staff Accounting Bulletin 121, which she believes represents regulatory overreach.
โ๏ธ Lummis supports legal actions favoring crypto companies and called for clear regulatory guidelines for digital assets following Judge Analisa Torres's decision that XRP is not a security.
๐ She introduced the Lummis-Gillibrand bill with Senator Kirsten Gillibrand to clarify the regulatory framework for digital assets like XRP and align their treatment with legal standards.
๐ฑ Meanwhile, Bitcoinโs value fluctuates amid regulatory uncertainties, trading at $57,800 after a minor slump.
Senator Lummisโs firm stance and legislative efforts highlight the ongoing debates over digital currency management and government control, underscoring the significant divide between cryptocurrency supporters and federal regulators.
