Senators Criticize DOJ’s Handling of Non-Custodial Crypto Services Regulations

Tuesday, 14 May 2024, 06:46
Senators Wyden and Lummis express worry over the Department of Justice's approach to non-custodial crypto services, fearing potential innovation stifling and criminalization of developers. They argue that the DOJ's interpretation may threaten the growth of the crypto industry and harm user trust. The letter to Attorney General calls for a reconsideration of the current stance to support technological advancements and uphold legal clarity.
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Senators Criticize DOJ’s Handling of Non-Custodial Crypto Services Regulations

Senators Criticize DOJ’s Stance on Non-Custodial Crypto Services

Senators Wyden and Lummis have expressed serious concerns about the Department of Justice's approach to non-custodial crypto services, warning of potential innovation stagnation and criminalization of developers.

Key Points:

  • Regulatory Conflict: The senators assert that the DOJ's interpretation conflicts with established FinCEN guidelines.
  • Threat to Innovation: They warn that the DOJ's stance could hinder innovation in the crypto sector.
  • User Control: Non-custodial services allow users to retain control over their assets without third-party involvement.

Senators Wyden and Lummis urge the DOJ to reevaluate its position to support technological advancements and legal clarity.

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