GOP Senator-elect demands that Treasury Department work with Congress on crypto wallet legislation
However, Republican U.S. Senator-elect of Wyoming Cynthia Lummis expressed opposition to the move.
“I am deeply concerned that the Treasury Department is considering a hasty rule governing self-hosted digital asset wallets and the Bank Secrecy Act (BSA),” she said in a series of tweets.
Lummis said rather than prematurely adopting a rule on this “complex topic,” the Treasury should immediately begin a “transparent process to engage with Congress and industry, building a consensus to drive America forward.”
Been doing work on the rumored transaction reporting rule impacting digital assets (currently being contemplated by Treasury) and wanted to share with you where I am: Tweet storm to follow… (1/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
I am deeply concerned that the Treasury Department is considering a hasty rule governing self-hosted digital asset wallets and the Bank Secrecy Act (BSA). (2/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
Rather than prematurely adopting a rule on this complex topic, Treasury should immediately begin a transparent process to engage with Congress and industry, building a consensus to drive America forward. (3/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
I spoke with Secretary Mnuchin last week and strongly pressed him for a better path forward. Congress is best placed to weigh the competing policy issues at stake. A rule adopted now could also potentially extend the BSA to new types of transactions beyond Congress’ intent. (5/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
A hallmark feature of digital assets, like #BTC, is the ability to conduct transactions w/out an intermediary. This promotes financial inclusion and freedom. A rule adopted at this juncture would be a solution in search of a problem. More pressing BSA-related issues exist. (7/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
My state of Wyoming has set the bar high for the rest of the country in promoting responsible financial innovation, including BSA compliance. The Treasury Department should take note. I look forward to building on this strong foundation in the United States Senate. (8/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
