Bitcoin
‘Bitcoin Senator’ Cynthia Lummis Criticizes DOJ’s Stance on Private Crypto Wallets
United States Senator Cynthia Lummis (R-WY) has stated that she is “deeply concerned” about the Department of Justice’s (DOJ) stance on non-custodial software.
On a tweet, Lummis expressed concern about the DOJ’s “hyper-aggressive argument that non-custodial software can constitute a money transmission service.” She added that the DOJ’s position “contradicts existing Treasury guidance” and “violates the rule of law.”
“The arguments against self-custody software threaten the fundamental property rights that are essential to being an American,” Lummis said, adding that he will fight “for your rights to own your own keys and run your own node.” She further accused the Biden administration of “criminalizing the main tenants of the Bitcoin network and decentralized finance.”
Lummis’ comments follow two recent cases in which DOJ prosecutors pushed for criminal charges against software developers for unlicensed money transmission: an unsealed indictment against Bitcoin mixer Samurai Walletit is a short answer responding to the request for rejection of the defense in the case against Tornado Cash developer Roman Storm.
The DOJ’s interpretation of money transmission laws covering wallet developers who do not have direct control over users’ assets has sparked a backlash among the crypto community.
Crypto Advocacy Group Coin Center characterized the DOJ’s position as “a huge exaggeration”, arguing that it contradicts existing FinCEN guidance It is decisions.
In a blog post, Coin Center Research Director Peter Van Valkenburgh stated that the DOJ’s position would mean that “every working cryptocurrency wallet and smart contract is ‘doing’ money transmission and every developer is involved in the transmission unlicensed money exchange.”
The group filed a lawsuit short friend in defense of Roman Storm, arguing that the publication of the Tornado Cash code is constitutionally protected by the First Amendment.
Edited by Andrew Hayward