Amid increasing global regulatory pressures on the crypto industry, Senator Cynthia Lummis has emerged as a vocal advocate for companies and individuals affected by the intensified crackdown by the Biden administration and regulatory bodies.
Lummis Challenges DOJ’s Regulatory Approach
Senator Lummis strongly criticized the Department of Justice’s “hyper-aggressive” stance on classifying non-custodial software as a money transmission service, which she deemed contradictory to Treasury guidance and a violation of fundamental property rights.
Expressing her commitment to defending individuals’ rights in the crypto space, Lummis condemned the Biden administration’s crackdown on Bitcoin and DeFi, highlighting the importance of self-custody and decentralized finance.
In previous instances, Senator Lummis had opposed the SEC’s actions in the crypto industry and supported Coinbase in its legal battle against the agency’s overreach, advocating for Congress to lead regulatory efforts over the SEC.
Call for Clear Regulatory Guidelines
In response to legal rulings on XRP’s security status, Lummis urged the establishment of clear regulatory guidelines to prevent uncertainty in the market and ensure equitable treatment of digital assets under the Howey Test.
To address these issues, Senator Lummis and Senator Kirsten Gillibrand introduced the Lummis-Gillibrand bill to provide regulatory clarity for digital assets like XRP based on the Howey Test interpretation from the Southern District of New York.
Bitcoin currently trades at $57,800, showing volatility with a recent low of $56,400. Stay informed with updates from Yahoo and trading insights on TradingView.com.
