Bipartisan Senators Challenge DOJ Over Threat to Bitcoin Development

May 13, 2024, 02:17 AM

Senators Cynthia Lummis and Ron Wyden have expressed 'grave concerns' over the Department of Justice's interpretation of financial regulations affecting the cryptocurrency industry. In a bipartisan letter to U.S. Attorney General Merrick Garland, they criticized the DOJ's expanded definition of 'money transmitter' under the Bank Secrecy Act, arguing that it could criminalize non-custodial crypto asset software developers. This move by the DOJ, seen as part of a broader political strategy by the Biden administration, threatens to criminalize Bitcoin software development and could undermine the constitutional values embedded in the global financial system. The senators urged an immediate reversal of this policy to prevent stifling innovation and undermining the rule of law.