US senators challenge DOJ’s broad definition of crypto money transmitters
Summary
Senators Lummis and Wyden oppose DOJ's attempt to broaden money-transmitting business definition, arguing it could criminalize non-custodial crypto asset software services. They assert that DOJ's interpretation contradicts Congressional intent and FinCEN guidance, emphasizing the need for direct receipt and control of assets. The lawmakers urge DOJ to align with established definitions to avoid stifling innovation and undermining the rule of law.
