{"id":10939,"date":"2024-05-02T03:15:14","date_gmt":"2024-05-02T03:15:14","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/senator-lummis-challenges-us-crackdown-on-crypto-market-vows-to-protect-investors-rights\/"},"modified":"2024-05-02T03:15:14","modified_gmt":"2024-05-02T03:15:14","slug":"senator-lummis-challenges-us-crackdown-on-crypto-market-vows-to-protect-investors-rights","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/senator-lummis-challenges-us-crackdown-on-crypto-market-vows-to-protect-investors-rights\/","title":{"rendered":"Senator Lummis Challenges US Crackdown On Crypto Market, Vows To Protect Investor\u2019s Rights"},"content":{"rendered":"

In the face of growing global regulatory pressure on the crypto industry, the Biden administration\u2019s intensified crackdown and the actions of regulatory bodies have prompted Senator Cynthia Lummis to issue a strong statement against the US government\u2019s stance on the industry.\u00a0<\/p>\n

Senator Lummis, a prominent supporter of Bitcoin and the overall crypto market, has advocated for the companies and players involved in the ongoing regulatory pressure.<\/p>\n

<\/span>Lummis Condemns DOJ\u2019s \u201cHyper-Aggressive\u201d Stance<\/span><\/h2>\n

Lummis expressed deep concern and opposed<\/a> the Department of Justice\u2019s (DOJ) \u201chyper-aggressive\u201d argument that non-custodial software could be classified as a money transmission service.\u00a0<\/p>\n

The Senator deemed this stance contradictory to existing Treasury guidance, lacking common sense, and violating the rule of law.\u00a0<\/p>\n

Lummis further emphasized that arguments against self-custody software pose a threat to fundamental property rights that are intrinsic to being an American.\u00a0<\/p>\n

Lummis asserted her commitment to fighting for individuals\u2019 rights to hold their keys and operate their nodes, expressing her dismay at the Biden administration\u2019s criminalization of the core tenets of the Bitcoin (BTC) network and decentralized finance (DeFi).<\/p>\n

Senator Lummis had previously disapproved\u00a0of the Securities and Exchange Commission\u2019s (SEC) escalated crackdown on the crypto industry throughout 2023.\u00a0<\/p>\n

Criticizing the SEC\u2019s actions as \u201cunnecessary\u201d and \u201coverreaching,\u201d she specifically opposed the agency\u2019s controversial new crypto policy, known as \u201cStaff Accounting Bulletin 121,\u201d issued in March 2022.\u00a0<\/p>\n

Lummis had also filed an amicus brief in support of the Coinbase exchange against the SEC\u2019s lawsuit, arguing that Congress should be responsible for formulating crypto regulations rather than the SEC.\u00a0<\/p>\n

The pro-crypto Senator contended that the SEC had exceeded its mandate by attempting to classify almost all crypto assets as \u201csecurities,\u201d thus infringing on Congress\u2019s legislative authority and extending beyond the agency\u2019s jurisdiction.<\/p>\n

<\/span>Clear Guidelines For Crypto Regulation<\/span><\/h2>\n

In another statement supporting key players in the crypto market, Senator Lummis called for immediate action to establish clear regulatory guidelines in response to Judge Analisa Torres\u2019 ruling that XRP should not be considered a security.\u00a0<\/p>\n

At the core of the debate is the Howey Test, a legal standard used to determine whether an investment qualifies as a security. Lummis has emphasized the importance of preserving the integrity of this test while acknowledging the need to apply it appropriately to digital assets.<\/p>\n

To address these issues, Senator Lummis, in collaboration with Senator Kirsten Gillibrand, has introduced the Lummis-Gillibrand bill. The legislation aims to provide regulatory clarity for digital assets like XRP, aligning their treatment with the interpretation of the Howey Test as established by the Southern District of New York.<\/p>\n

<\/p>\n

The largest cryptocurrency on the market, Bitcoin, is trading at $57,800 after hitting a low of $56,400 in the early hours of Wednesday.\u00a0<\/p>\n

Featured image from Yahoo, chart from TradingView.com <\/p>\n","protected":false},"excerpt":{"rendered":"

In the face of growing global regulatory pressure on the crypto industry, the Biden administration\u2019s intensified crackdown and the actions of regulatory bodies have prompted Senator Cynthia Lummis to issue a strong statement against the US government\u2019s stance on the industry.\u00a0 Senator Lummis, a prominent supporter of Bitcoin and the overall crypto market, has advocated […]<\/p>\n","protected":false},"author":1,"featured_media":10940,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Senator Lummis Challenges US Crackdown On Crypto Market, Vows To Protect Investor\u2019s Rights - Bitrabo","description":"In the face of growing global regulatory pressure on the crypto industry, the Biden administration’s intensified crackdown and the actions of regulatory b"},"footnotes":""},"categories":[316],"tags":[1408,944,504,464,3829,496,3830,3310,2584,3286],"class_list":["post-10939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-challenges","tag-crackdown","tag-crypto","tag-investors","tag-lummis","tag-market","tag-protect","tag-rights","tag-senator","tag-vows"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/10939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=10939"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/10939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/10940"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=10939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=10939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=10939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}