As an experienced financial and legal analyst, I share Senator Cynthia Lummis’ concerns regarding the Department of Justice’s (DOJ) stance on crypto self-custody and its potential conflict with existing Treasury guidance. The DOJ’s actions against cryptocurrency entities, such as the indictment of Samourai Wallet and Tornado Cash developer Roman Storm, could set a dangerous precedent for the entire crypto industry.
U.S. Senator Cynthia Lummis expressed her concern that the Department of Justice’s perspective on cryptocurrency self-custody clashes with current Treasury directives, potentially infringing upon the principle of upholding the law.
Rep. Lummis (R-WY) expresses her disagreement with the Biden Administration’s attempts to regulate Bitcoin (BTC) and decentralized finance (DeFi) as criminal activities.
As a financial analyst, I express profound worry over the Biden administration’s actions that potentially criminalize fundamental aspects of the Bitcoin network and decentralized finance.
— Senator Cynthia Lummis (@SenLummis) May 1, 2024
The position of the Department of Justice has led to lawsuits being filed against various cryptocurrency businesses. For instance, Samourai Wallet and its founder, Roman Storm, have been indicted for allegedly conducting unauthorized money transmissions.
As a researcher studying the cryptocurrency sector, I’ve noticed that the community has voiced significant opposition to the Department of Justice’s (DOJ) interpretation on certain issues. Organizations such as Coin Center have taken the lead in advocating against these interpretations.
According to Peter Van Valkenburgh, the research director at Coin Center, every operational cryptocurrency wallet and smart contract performs the transfer of funds, which is considered money transmission under FinCEN’s regulations. Simultaneously, each developer involved in this process is engaging in unlicensed money transmission, contrary to established FinCEN guidelines.
As a legal analyst, I’d like to share my perspective on a recent development in the ongoing legal battle surrounding Tornado Cash. Coin Center, a prominent cryptocurrency advocacy group, has weighed in by filing an amicus brief on behalf of Roman Storm, asserting the importance of protecting the publication of Tornado Cash’s code under the First Amendment. Essentially, they argue that the right to free speech extends to the dissemination of software code, even if it could potentially be used for illicit activities. This is a significant stance in the ongoing debate surrounding the intersection of technology, law, and individual rights.
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2024-05-01 23:34