{"id":136920,"date":"2020-12-18T23:38:12","date_gmt":"2020-12-18T20:38:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senator-elect-rails-against-potential-crypto-wallet-ruling\/"},"modified":"2020-12-18T23:38:12","modified_gmt":"2020-12-18T20:38:12","slug":"us-senator-elect-rails-against-potential-crypto-wallet-ruling","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senator-elect-rails-against-potential-crypto-wallet-ruling\/","title":{"rendered":"# US Senator-elect rails against potential crypto wallet ruling"},"content":{"rendered":"

“# US Senator-elect rails against potential crypto wallet ruling <\/strong>”
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As per recent rumors, United States Secretary of the Treasury, Steven Mnuchin, could drop a stringent piece of crypto-related legislation before his expected exit at 2020\u2019s end. The ruling could potentially severely limit or ban self-custodied digital asset wallets \u2014 a key component of the entire industry. Cynthia Lummis, a U.S. Senator-elect hailing from the crypto-friendly state of Wyoming, finds the fuling harmful.\u00a0<\/p>\n

\u201cI spoke with Secretary Mnuchin last week and strongly pressed him for a better path forward,\u201d Lummis said<\/a> as part of a tweet thread on Friday, adding:<\/p>\n

\u201cCongress is best placed to weigh the competing policy issues at stake. A rule adopted now could also potentially extend the BSA to new types of transactions beyond Congress\u2019 intent.\u201d <\/p><\/blockquote>\n

Lummis is not the only government leader who has expressed concern over the possible legal move. A number of congressional members also recently resisted against the thought of such legislation. Additionally, Coinbase\u2019s CEO Brian Armstrong warned<\/a> of the consequences stemming from such a regulatory change. <\/p>\n

\u201cI am deeply concerned that the Treasury Department is considering a hasty rule governing self-hosted digital asset wallets and the Bank Secrecy Act (BSA),\u201d Lummis said near the beginning of her tweet thread<\/a>. \u201cRather than prematurely adopting a rule on this complex topic, Treasury should immedia<\/a>tely begin a transparent process to engage with Congress and industry, building a consensus to drive America forward,\u201d she added. <\/p>\n

According to Lummis, restraining the crypto wallet landscape could weigh down the U.S. amid its race against nations such as China. The country has already fallen behind in its global central bank digital currency, or CBDC, pursuits.\u00a0 \u201cTreasury’s rule would also likely be adopted without public comment under an often-abused portion of the Administrative Procedure Act,\u201d she said. \u201cTransparency makes good policy.\u201d <\/p>\n

One of the main selling points of crypto is the freedom it provides. Participants can hold, control and transact their own funds, regardless of the time or day of the week. Crypto and blockchain largely mobilizes money and finance. Stiff regulation could largely exterminate such advantages and innovation. <\/p>\n

Lummis tweeted:<\/p>\n

\u201cA rule adopted at this juncture would be a solution in search of a problem. More pressing BSA-related issues exist.\u201d<\/p><\/blockquote>\n

As a Bitcoiner herself, Lummis knows first-hand the benefits of crypto. <\/p>\n