According to recent rumors, US Treasury Secretary Steven Mnuchin said, could drop a strict piece of crypto-related legislation for its expected exit at the end of 2020. The ruling could severely restrict or ban self-preserved portfolios of digital assets – an important part of the entire industry. Cynthia Lummis, a US Senator from the crypto-friendly state of Wyoming, finds fuling harmful.
“I spoke with Minister Mnuchin last week and strongly urged him to find a better way forward,” Lummis said as part of a tweet thread on Friday, adding:
“Congress is best placed to weigh up the competing policy issues at stake. A rule now passed could also potentially extend the BSA to new types of transactions beyond Congress’s intent. ”
Lummis is not the only head of government to have expressed concern about the possible legal move. A number of congressmen also recently opposed the idea of such legislation. In addition, Brian Armstrong, CEO of Coinbase warned of the consequences of such a change in regulation.
“I am very concerned that the Treasury Department is considering a hasty rule for self-hosted digital asset portfolios and the Bank Secrecy Act (BSA),” Lummis said at the beginning of her tweet. wire. “Rather than prematurely passing a rule on this complex topic, Treasury should immediately initiate a transparent process to engage with Congress and industry to reach consensus to move America forward,” added them to it.
According to Lummis, restricting the crypto wallet landscape could weigh on the US amid its race against countries like China. The country has already fallen behind in its global central bank digital currency, or CBDC, pursuits. “The Treasury rule would also likely be passed without public comment under an oft-misused section of the Administrative Procedure Act,” she said. “Transparency makes good policy.”
One of the main selling points of crypto is the freedom it offers. Participants can hold, control and settle their equity regardless of the time or day of the week. Crypto and blockchain are largely mobilizing money and finance. Stringent regulation could largely wipe out such benefits and innovation.
“A rule being adopted at the moment would be a solution when looking for a problem. There are more urgent BSA related issues. “
Like Bitcoiner itself, Lummis know first hand the benefits of crypto.