Senator Cynthia Lummis, a staunch advocate of cryptocurrency, expressed concern over the Biden administration’s DOJ stance on non-custodial wallet software on May 1, 2024. Senator Lummis articulated her apprehensions through a post on the social media platform X, stating:
I am deeply troubled by the Department of Justice’s hyper-aggressive argument that non-custodial software can constitute a money transmission service. This stance contradicts existing Treasury guidance, common sense and violates the rule of law.
The senator from Wyoming further elaborated that the DOJ’s position jeopardizes fundamental property rights. “Arguments against self-custody software threaten the fundamental property rights that are core to being an American,” Lummis wrote. “I will do everything I can to fight for your rights to hold your own keys and run your own node.”
A crucial part of the DOJ’s court filing maintains that Section 18 U.S.C. § 1960 of the United States Code (U.S.C.) does not mandate a business to control the funds. Coin Center, a non-profit organization dedicated to crypto policy advocacy, challenges this claim. Peter Van Valkenburgh, the director of research at Coin Center, argues in a recent blog post that the definitions provided by the Financial Crimes Enforcement Network (FinCEN) and other regulatory authorities clearly counter the DOJ’s position.
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