NAIROBI (Coinchapter.com) – U.S. Senators Cynthia Lummis and Ron Wyden have leveled a startling accusation. They claim President Biden’s Department of Justice (DOJ) is threatening to criminalize Bitcoin software development in America. This claim stems from the DOJ’s recent pursuit of cryptocurrency mixing services.
Lawmakers Raise Concerns Over Legal Interpretation
In a bipartisan letter on May 9, the senators questioned Attorney General Merrick Garland. They challenged the DOJ’s “unprecedented interpretation” of laws governing money transmitters. Furthermore, they argued subjecting non-custodial crypto software developers to potential criminal liability contradicts established interpretations. It also raises serious First Amendment concerns.
Source: XSenators argue criminal liability for developers contradicts established interpretations. This raises First Amendment concerns. Wyden stated;
“I’m concerned the DOJ’s interpretation would treat software developers as criminals for merely writing and publishing code used by others – a dangerous precedent that contradicts decades of settled law.”
DOJ’s Stance Clashes with Treasury Department’s Guidance
The senators’ letter highlights the DOJ’s stance as being at odds with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance. FinCEN had previously held that non-custodial crypto services should not be treated as money transmitters, as they do not take control of users’ funds.
Senator Lummis expressed concern, saying, “Wallet software is no more responsible for illicit finance than a highway for a bank robber’s getaway car.” This analogy highlights potential implications beyond just cryptocurrency. Consequently, the DOJ’s stance could affect a wide range of software developers.
Senator Lummis expressed concern, saying, “Wallet software is no more responsible for illicit finance than a highway for a bank robber’s getaway car.” This analogy highlights potential implications beyond just cryptocurrency. Consequently, the DOJ’s stance could affect a wide range of software developers.
Additionally, Senator Wyden emphasized the dangerous precedent of treating developers as criminals for publishing code used by others. Undoubtedly, this could have a chilling effect on innovation and free speech.
The bipartisan letter serves as a powerful call for reevaluating the administration’s stance. Failure to address these concerns risks far-reaching consequences for the tech industry. Furthermore, it could stifle innovation in an evolving digital landscape. Therefore, constructive dialogue is crucial to find a balanced approach fostering progress while mitigating risks.
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