In the current global crypto landscape, the Biden administration’s amplified regulatory actions have triggered a stern response from Senator Cynthia Lummis, a staunch proponent of Bitcoin and the broader crypto market. Her vocal opposition to the Department of Justice’s (DOJ) aggressive position on non-custodial software as a money transmission service reflects a pivotal moment in the ongoing regulatory debate.

Senator Lummis condemned the DOJ’s “hyper-aggressive” stance, underscoring its contradiction with existing Treasury guidance and its adverse implications for fundamental property rights. She emphasized the threat posed to individual liberties by the administration’s criminalization of core tenets of the Bitcoin network and decentralized finance (DeFi), signaling unwavering commitment to protecting the rights of individuals to hold their keys and operate their nodes.

Notably, Senator Lummis has been a vocal critic of the Securities and Exchange Commission’s (SEC) expansive crackdown on the crypto industry, denouncing the agency’s actions as unnecessary and overreaching. Her support for Coinbase against the SEC’s lawsuit and her advocacy for congressional responsibility in formulating crypto regulations underscore her balanced yet resolute approach to addressing regulatory challenges.

In her quest for clear regulatory guidelines, Senator Lummis has pushed for immediate action following the ruling that XRP should not be considered a security. Emphasizing the importance of upholding the Howey Test in evaluating digital assets, she and Senator Kirsten Gillibrand have introduced the Lummis-Gillibrand bill to provide regulatory clarity for digital assets, aligning their treatment with the interpretation of the Howey Test established by the Southern District of New York.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.