Senator Lummis, an advocate for Crypto’s industry, stressed the importance of self-custody in today’s digital era. She aligns it with the fundamental American principles of property rights.
During her remarks, Senator Lummis stated, “Arguments against self-custody software threaten the fundamental property rights that are core to being an American.”
Senator Lummis Advocates for Self-Custody in Crypto
She highlighted that holding one’s keys and running one’s node goes beyond just a technical aspect of cryptocurrencies like Bitcoin. It is a manifestation of the liberty and personal sovereignty that are hallmarks of American values.
The senator’s remarks coincide with the Biden administration’s heightened scrutiny of the rapidly growing cryptocurrency sector. Various regulatory bodies have raised concerns about the potential risks associated with DeFi and the broader crypto market. These include issues of fraud, financial stability, and the use of digital currencies in illicit activities. However, cryptocurrency advocates highlight their potential for unmatched financial inclusion and innovation.
I am deeply concerned by the Biden administration criminalizing core tenants of the Bitcoin network and decentralized finance.
My full statement. ⬇️ pic.twitter.com/M3CHcNTi3x
— Senator Cynthia Lummis (@SenLummis) May 1, 2024
Senator Lummis’s concerns highlight a growing divide in how government officials perceive and approach the regulation of digital assets. While some view regulatory measures as essential for consumer protection and financial stability, others see them as barriers to innovation and violations of personal freedoms. Lummis’s stance is particularly significant given her role as a legislator and her influence in shaping policies that could determine the future landscape of digital finance in the United States.
More About Senator Lummis’s Policy
On April 24th, Senator Cynthia Lummis voiced her strong opposition to a proposed 30% tax on Bitcoin mining, arguing that such a measure would effectively act as a ban. She emphasized the critical role of the U.S. as a global leader in innovation, cautioning that imposing such a tax would be a “historic mistake.”
It would be a historic mistake to slap Bitcoin miners with a 30% tax that is a de facto ban.
The U.S. is a global leader in innovation, let's keep it that way.https://t.co/pD7NRhCyFg
— Senator Cynthia Lummis (@SenLummis) April 24, 2024
Senator Lummis’s statement reflects her commitment to fostering an environment conducive to technological advancements and maintaining the nation’s competitive edge in the global arena of digital innovation.
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