opposes – WWW.BLOCKCAST.CC

US Treasury Secretary Steven Mnuchin plans to implement a bill prohibiting or severely restricting self-hosted cryptocurrency wallets before he leaves office at the end of the year. Senator Cynthia Lummis of Wyoming opposes this.

On Friday, Lummis said in a tweet: “I spoke with Minister Mnuchin last week and strongly urged him to take a better path forward.”

Lummis is not the only government leader expressing concerns about possible legal action. Recently, some members of Congress have also resisted such legislative ideas. In addition, Coinbase CEO Brian Armstrong also warned that such regulatory changes may have undesirable consequences.

Lummis said:

“I am deeply concerned that the Treasury Department is considering formulating a sloppy rule to manage self-custodial digital wallets and the Bank Secrecy Act. The Treasury Department should immediately begin a transparent process to engage with Congress and industry to build consensus and promote the United States. Move forward instead of adopting a rule on this complex topic prematurely.”

According to Lummis, in the competition with China and other countries, restricting the development of crypto wallets may drag down the United States. The United States has fallen behind in the global central bank digital currency (CBDC).

One of the main highlights of encryption is the freedom it provides. Participants can hold, control and trade their own funds without time constraints. Encryption and blockchain have mobilized capital and financial enthusiasm to a large extent, and strict supervision may stifle this advantage and innovation.

Lummis wrote on Twitter:

He said: “At this juncture, we should look for solutions to problems, and there are more pressing problems related to BSA.”

As a Bitcoin holder, Lummis has personally experienced the benefits of encryption technology.