Bitcoin support at the highest level: New US senator bullish on BTC and crypto
In recent weeks, there have been numerous rumours in the crypto industry about impending regulation of self-hosted Bitcoin, Ethereum, and Altcoin addresses.
The rumours began late last month when Brian Armstrong of Coinbase posted a thread on Twitter warning that the US Treasury Department was working on regulation. The could make it difficult Bitcoin Profit for those who don’t have ID or refuse KYC to use their own wallets.
„This proposed regulation, we believe, would require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet by collecting identifying information on that party before a withdrawal can be sent to that self-hosted wallet.“
This was later confirmed by Jeremy Allaire of Circle, who works closely with Coinbase. Allaire has posted several threads and given several interviews stating that it is right that strict regulation is on the way.
Once again, this has just been confirmed by an incoming U.S. Senator who wants to actively oppose the proposed regulation – as she says it could end up stifling innovation.
U.S. senator defends cryptocurrencies
Senator Cynthia Lummis revealed on Friday morning that she had started to look into „the transaction reporting rule, the impact on digital assets“ – because she thinks it is a bad move:
„I am deeply concerned that the Treasury Department is considering a premature rule that would regulate self-hosted digital asset wallets and the Bank Secrecy Act. Instead of rushing to issue a rule on this complex issue, Treasury should immediately begin a transparent process to engage with Congress and industry to build consensus that moves America forward.“
Lummis writes that she has told Secretary Mnuchin that any of the rumoured measures could harm fintech competition with China and Russia while reducing financial inclusion.
„A hallmark of digital assets, like #BTC, is the ability to conduct transactions without an intermediary. This promotes financial inclusion and freedom. A rule passed at this time would be a solution in search of a problem. There are more pressing BSA-related issues.“
Lummis has been a proponent of bitcoin and cryptocurrencies for some time, calling BTC an alternative to gold. She has mentioned in several national television interviews why she supports the leading cryptocurrency.