{"id":293839,"date":"2024-05-02T01:16:16","date_gmt":"2024-05-01T19:46:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=293839"},"modified":"2024-05-02T01:16:16","modified_gmt":"2024-05-01T19:46:16","slug":"senator-lummis-deeply-concerned-by-biden-administrations-actions-against-defi-non-custodial-wallets-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/senator-lummis-deeply-concerned-by-biden-administrations-actions-against-defi-non-custodial-wallets-crypto-news\/","title":{"rendered":"Senator Lummis ‘deeply concerned’ by Biden administration’s actions against DeFi, non-custodial wallets – Crypto News"},"content":{"rendered":"
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Senator Cynthia Lummis<\/a> expressed deep concern regarding recent actions<\/a> by the Biden administration, which she perceives as a threat to the principles of the Bitcoin network and the broader DeFi sector.<\/p>\n

In a statement<\/a> released on May 1, Lummis criticized the Department of Justice\u2019s (DOJ) latest legal interpretations<\/a>, which argue that non-custodial software platforms \u2014 like wallets \u2014 might be regulated as money transmission services.<\/p>\n

According to Lummis, this stance contradicts existing guidance from the Treasury and undermines the rule of law and fundamental American property rights. She said:<\/p>\n

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\u201cThe Department of Justice\u2019s hyper-aggressive argument that non-custodial software can constitute a money transmission service contradicts existing Treasury guidance, common sense, and violates the rule of law.\u201d<\/p>\n<\/blockquote>\n

She further emphasized that such interpretations threaten the very core of individual liberty concerning digital asset ownership and management.<\/p>\n

\u2018Your keys\u2019<\/h2>\n

Lummis, a vocal proponent<\/a> of crypto in Congress, argued that the ability to hold one\u2019s own cryptographic keys and to operate a personal node is a critical aspect of digital property rights. She added that she remains committed to defending these rights vigorously, saying:<\/p>\n

\n

\u201cI will do everything I can to fight for your rights to hold your own keys and run your own node.\u201d<\/p>\n<\/blockquote>\n

The Senator\u2019s concerns highlight ongoing debates within federal regulatory circles about the best approach to integrate crypto into the US financial system without stifling innovation<\/a> or infringing individual freedoms.<\/p>\n

The issue has become increasingly pertinent as Bitcoin and other digital assets gain mainstream acceptance and prompt discussions about appropriate regulatory frameworks.<\/p>\n

The DOJ\u2019s interpretation has sparked a significant backlash among crypto advocates, who argue that such regulatory moves could have chilling effects on the development of the DeFi ecosystem. They believe that excessive regulation could stifle innovation and restrict the potential growth of the US as a leader in the digital finance industry.<\/p>\n

Legal experts are divided on the issue, with some suggesting that the DOJ\u2019s stance is necessary to prevent illicit activities often associated with decentralized platforms, such as money laundering and fraud. Others argue that the federal approach needs more nuance to protect consumers and the burgeoning sector\u2019s entrepreneurial spirit.<\/p>\n

Mentioned in this article<\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Senator Cynthia Lummis expressed deep concern regarding recent actions by the Biden administration, which she perceives as a threat to the principles of the Bitcoin network and the broader DeFi sector. In a statement released on May 1, Lummis criticized the Department of Justice\u2019s (DOJ) latest legal interpretations, which argue that non-custodial software platforms \u2014 […]<\/p>\n","protected":false},"author":2,"featured_media":293841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-293839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=293839"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293839\/revisions"}],"predecessor-version":[{"id":293844,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/293839\/revisions\/293844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/293841"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=293839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=293839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=293839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}