President Joe Biden's administration and regulators are putting too much pressure on the cryptocurrency industry, according to Cynthia Lummis. In particular, the senator is concerned about the US Department of Justice's arguments that software not designed to store crypto assets can still be classified as a money transfer service. Lummis called the arguments aggressive, devoid of common sense and a violation of the rule of law. According to Lummis, this position contradicts current guidance from the US Treasury Department.
“This poses a threat to fundamental property rights that are an integral part of American life. People should have the right to hold their keys and run their nodes while the Biden administration criminalizes the core principles of Bitcoin and decentralized finance,” Lummis said.
The senator also criticized the actions of the US Securities and Exchange Commission (SEC) against cryptocurrency companies. Lummis believes that Accounting Bulletin 121 (SAB 121), introduced in March 2022, imposes too stringent rules on organizations that wish to hold crypto assets. Earlier, the Republican sent an independent opinion to the court in support of the largest American crypto exchange Coinbase, against which the SEC filed a lawsuit. Lummis is confident that it is Congress, not the SEC, that should be in charge of developing rules for regulating cryptocurrencies—the agency is exceeding its powers by trying to classify almost all cryptoassets as securities.
Lummis previously called allegations about the use of digital assets in illegal financial transactions greatly exaggerated. In 2022, Lummis proposed including Bitcoin in retirement plans.
Source: Bits
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