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.
🔒 Lummis believes this designation infringes upon fundamental American property rights and contradicts Treasury guidelines.
💼 She is dedicated to safeguarding individuals' rights to manage their own cryptocurrency assets and strongly disapproves of the administration’s approach to key Bitcoin and decentralized finance (DeFi) principles.
🏛️ Throughout 2023, Lummis criticized the Securities and Exchange Commission’s (SEC) actions against the crypto industry, particularly SEC's controversial Staff Accounting Bulletin 121, which she believes represents regulatory overreach.
⚖️ 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.
📜 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.
💱 Meanwhile, Bitcoin’s value fluctuates amid regulatory uncertainties, trading at $57,800 after a minor slump.
Senator Lummis’s 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.
