Senator Lummis ‘deeply concerned’ by Biden administration’s actions against DeFi, non-custodial wallets
Senator Cynthia Lummis criticized the Biden administration's actions, particularly the Department of Justice's interpretation that non-custodial software platforms might be regulated as money transmission services. She argued that this contradicts existing guidance and undermines property rights. Lummis emphasized the importance of holding one's cryptographic keys and operating a personal node, pledging to defend these rights. The issue reflects broader debates on integrating crypto into the US financial system without stifling innovation or individual freedoms. The DOJ's stance has sparked backlash from crypto advocates, who fear it could hinder DeFi ecosystem development. Legal experts are divided on the issue, with some supporting the DOJ's stance to prevent illicit activities and others advocating for a more nuanced approach to protect consumers and entrepreneurial spirit in the sector.
