Bitcoin (BTC) Under Threat: President Biden’s Proposed Legislation Targets Crypto Software Developers, Reveals Senator Lummis

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• US Senators Cynthia Lummis and Ron Wyden express concerns over the Biden administration’s interpretation of FinCEN laws, which they believe could unjustly categorize Bitcoin software developers as criminals.
• The senators argue that this interpretation could stifle innovation in the cryptocurrency industry and infringe upon individuals’ rights to self-custody their crypto assets.
• They have written a letter to U.S. Attorney General Merrick Garland, urging the Justice Department to align its approach with that of the Treasury’s Financial Crimes Enforcement Network.

US Senators Cynthia Lummis and Ron Wyden have voiced concerns over the Biden administration’s interpretation of FinCEN laws, which they believe could unjustly categorize Bitcoin software developers as criminals and stifle innovation in the crypto industry.

Senators Challenge Biden Administration’s Interpretation of FinCEN Laws

Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) have expressed concerns over the Biden administration’s interpretation of the Financial Crimes Enforcement Network (FinCEN) laws. They argue that this interpretation could unjustly categorize Bitcoin software developers as criminals, stifling innovation in the cryptocurrency industry and infringing upon individuals’ rights to self-custody their crypto assets.

Senators Pen Letter to U.S. Attorney General

In a letter addressed to U.S. Attorney General Merrick Garland, the senators have urged the Justice Department to align its approach with that of the Treasury’s Financial Crimes Enforcement Network. They argue that the current interpretation could potentially criminalize fundamental aspects of Bitcoin and other cryptocurrency networks, inhibiting responsible financial innovation within the United States.

Conclusion

The senators’ concerns highlight the ongoing debate over the regulation of the cryptocurrency industry in the United States. As the industry continues to grow and evolve, it is crucial that regulations are developed that protect consumers and promote innovation, without stifling the industry or unjustly criminalizing its participants.

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