Bitcoin
President Joe Biden Plans to Criminalize Bitcoin Software Developers, Says Senator Cynthia Lummis
Cynthia Lummis, the US senator from Wyoming who supports Bitcoin, stated that the Biden Administration has attempted to criminalize Bitcoin software development while attempting to improperly enforce FinCEN laws.
Abandon the FinCEN interpretation for Bitcoin
In a joint effort, U.S. Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) wrote a letter to U.S. Attorney General Merrick Garland expressing deep concerns regarding what they consider to be a divergence in the decision of the US Department of Justice. (DOJ) interpretation of “money transmission” regulations.
Furthermore, they also argue that this deviation from the well-established definition outlined by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) could potentially criminalize fundamental aspects of Bitcoin and other cryptocurrency networks. Furthermore, they claim that this change inhibits responsible financial innovation in the United States.
Senator Lummis articulated, “The Biden administration’s changing interpretation of FinCEN not only deviates from legal precedent, it also undermines the entrepreneurial spirit that drives America’s global economic prominence.”
She emphasized the importance of distinguishing between wallet software and illicit finance, comparing the former to a highway and refuting the notion that it is responsible for facilitating criminal activity. Thus, Lummis remains steadfast in its commitment to preserving the rights of individuals to self-custody of their assets and ensuring that the growing Bitcoin and cryptocurrency industry can operate within the bounds of the law. She also states that it is essential to safeguard the right to store private keys in personal wallets.
Don’t treat software developers like criminals
Senator Wyden emphasized the need for robust law enforcement against individuals who use digital assets for money laundering or tax evasion, while also warning against conflicting interpretations of the law by law enforcement agencies.
Expressing his apprehension, Wyden stated: “I am concerned that the DOJ’s interpretation may unfairly categorize software developers as criminals simply for creating and disseminating code used by others – a precedent that contradicts established legal norms and raises significant First Amendment issues.” .
Wyden, along with Senator Lummis, urged the Department of Justice to align its approach with that of the Treasury’s Financial Crimes Enforcement Network, prioritizing action against individuals who illicitly transmit digital assets, rather than targeting software developers and innovators.
Amid the arbitrary actions of the Biden administration, the Republican candidate donald trump has extended aid to support the crypto industry if he comes to power. Several prominent figures in the crypto space also believe that Trump would be better than Biden when it comes to dealing with crypto regulations.