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A US Senator opposes Biden’s strict crypto rules, demands clearer regulations

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A US Senator opposes Biden's strict crypto rules

Despite worldwide regulatory demands, Senator Cynthia Lummis opposes the Biden administration’s strict bitcoin rules.

Lummis, a proponent of Bitcoin and cryptocurrencies, lambasted the U.S. government’s severe position, notably the DOJ’s forceful designation of non-custodial software as a money transportation business.

Lummis thinks this categorization violates Treasury principles and basic logic, violating American property rights.

She strongly opposes the administration’s attitude to Bitcoin and decentralized finance (DeFi) concepts and defends people’ rights to control their bitcoin holdings.

Lummis opposed the SEC’s crypto sector crackdown in 2023.

She called the SEC’s controversial Staff Accounting Bulletin 121 regulatory overreach and illegally expanded its power by designating practically all crypto assets as securities.

Lummis’ amicus brief supporting Coinbase against the SEC argued that Congress should regulate crypto, not the SEC.

Lummis urged for digital asset regulations after Judge Analisa Torres ruled that XRP is not a security.

She stressed the need of applying the Howey Test to digital currencies to determine security.

Lummis proposed the Lummis-Gillibrand bill with Senator Kirsten Gillibrand to make digital assets like XRP more lawful and regulated. After a brief dip, Bitcoin traded at $57,800 amid regulatory uncertainty.

Senator Lummis’s hard attitude and legislative attempts show the split between bitcoin enthusiasts and federal authorities over digital currency management and government control.

Three months back, Cynthia Lummis defended the crypto industry, claiming that the primary concern is with bad actors, not the assets themselves.

Lummis, a vocal crypto supporter, advocates for a strong regulatory framework to prevent bad actors from abusing the system and to ensure that crypto businesses follow clear rules.

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Emma Davis is a highly skilled and experienced crypto writer with a passion for all things blockchain and cryptocurrency. With years of experience writing about the latest trends, news, and innovations in the crypto world, Emma has established herself as one of the best crypto journalists.