US Senator Cynthia Lummis Speaks Out To Protect Bitcoin Against Biden’s Dictatorship

Key Points:

• Senator Cynthia Lummis criticizes the Biden administration’s stance on Bitcoin and decentralized finance, fearing rights infringement.
• Lummis vows to defend individuals’ rights to control their own keys and operate their own nodes.
• Alongside Senator Kirsten Gillibrand, Lummis is working on legislation to provide regulatory clarity for stablecoins and protect investor interests.

US Senator Cynthia Lummis voices concerns over the Biden administration’s stance on Bitcoin and decentralized finance, citing potential threats to fundamental property rights.

Senator Cynthia Lummis Condemns Biden Administration’s Bitcoin Policies

In a tweet, Senator Cynthia Lummis criticizes the Department of Justice‘s recent actions, particularly its assertion that non-custodial software could constitute a money transmission service, which she argues contradicts existing Treasury guidance and violates the rule of law.

Lummis vows to defend individuals’ rights to control their own keys and operate their own nodes, denouncing what she sees as an attempt by the administration to criminalize core aspects of the Bitcoin network and decentralized finance.

Her remarks come in response to recent cases where DOJ prosecutors sought criminal charges against software developers for alleged unlicensed money transmission. These cases, including indictments against Bitcoin mixer Samourai Wallet and Tornado Cash developer Roman Storm, have drawn criticism from the crypto community for their potential chilling effect on innovation.

Lummis and Gillibrand Spearhead Stablecoin Bill

Senator Cynthia Lummis, who previously drafted regulations for stablecoins alongside Senator Kirsten Gillibrand, has been actively working on a bill to provide regulatory clarity for stablecoins and safeguard investor interests.

The proposed legislation would impose reserve and operational requirements on payment stablecoin issuers, including the establishment of subsidiaries dedicated to issuing stablecoins and the obligation to transact in dollar-backed tokens.