U.S. Senator Lummis ‘deeply concerned’ about Biden administration’s actions against non-custodial wallets

U.S. Senator Cynthia Lummis has expressed deep concern about the Biden administration’s recent actions, which she sees as a threat to the principles of the Bitcoin network and the broader DeFi space. In a statement released on May 1, Lummis criticized the U.S. Department of Justice’s (DOJ) latest legal interpretation, which holds that non-custodial software platforms, such as wallets, may be regulated as money transmission services. According to Lummis, this position contradicts existing Treasury guidance and undermines the rule of law and fundamental property rights in the United States. “The Department of Justice’s extremely aggressive view that non-custodial software can constitute a money transmission service contradicts existing Treasury guidance, common sense, and the rule of law,” she said. She further emphasized that this interpretation threatens the core of individual freedoms regarding the ownership and management of digital assets. (CryptoSlate)