Senator Cynthia Lummis, a strong supporter of Bitcoin and the crypto market, has spoken out against the Biden administration’s crackdown on the industry.
Lummis Condemns DOJ’s Stance
Lummis has expressed concern over the Department of Justice’s (DOJ) view that non-custodial software could be considered a money transmission service. She believes this goes against existing guidance and violates the rule of law.
Lummis’s Commitment to Property Rights
Lummis emphasizes that the arguments against self-custody software threaten fundamental property rights. She vows to fight for individuals’ right to hold their own keys and operate nodes.
Lummis’s Criticism of the SEC
Lummis has also criticized the Securities and Exchange Commission’s (SEC) actions against the crypto industry. She believes the SEC has overreached its authority by classifying most crypto assets as securities.
Call for Clear Regulations
In response to a recent ruling that XRP should not be considered a security, Lummis has called for clear regulatory guidelines for digital assets. She has introduced a bill with Senator Kirsten Gillibrand to provide clarity and align the treatment of digital assets with the Howey Test.
