U.S. Sen. Cynthia Lummis argued that the Department of Justice's position on self-custody of virtual currencies is inconsistent with existing Treasury Department guidance and violates the rule of law.
Lummis (R-Wyo.) said he opposes the Biden administration's criminalization efforts related to the Bitcoin (BTC) network and decentralized finance (defi).
The Justice Department's stance has prompted legal action against crypto entities, including charges of unauthorized transfers against Bitcoin mixer Samurai Wallet and Tornado Cash developer Roman Storm.
The crypto community, led by advocacy groups like Coin Center, strongly opposes the Justice Department's interpretation.
“Every functioning crypto wallet and smart contract is sending money, and every developer is engaging in unauthorized money transfers,” said Peter Van Valkenburgh, research director at Coin Center. , pointed out that this stance is inconsistent with the guidelines established by FinCEN.
Coin Center also filed a court brief in support of Roman Storm, arguing that the release of Tornado Cash's code is protected by the First Amendment.
