US Senators raise grave concerns over DOJ's policies towards cryptocurrency asset providers

Source Fxstreet
  • Senators Ron Wyden and Cynthia Lummis wrote to the Attorney General to express worries over new policies on money transmission. 
  • The DOJ has continued to take strict measures against crypto asset software services over the last few months, says Senators.
  • Senators urge the Attorney General to "discard" the new interpretation of money transmission released by the DOJ.

Senators Ron Wyden and Cynthia Lummis wrote to the Attorney General on May 9, expressing concerns over the Department of Justice's (DOJ) policies toward crypto asset providers. The Senators claim that the DOJ has been enforcing strict measures against crypto asset software services over the past few months.

Read more: Tornado Cash developer Roman Storm’s motion to dismiss accusations rebuffed by US DOJ

Senators criticize the DOJ's move against crypto services

In an X post on Monday, Senator Cynthia Lummis blasted the DOJ under President Joe Biden, claiming they wrongly interpreted the federal policy against unlicensed money-transmitting businesses.

She also disclosed the bipartisan letter she wrote with Senator Ron Wyden to the Attorney General's office expressing concern over the DOJ's recent expansion of the definition of money transmission.

The letter detailed the federal money-transmitting business statutes laid out by the Financial Crimes Enforcement Network (FinCEN) and how the DOJ's recent actions expanded their scope. "This interpretation threatens to criminalize Americans offering non-custodial crypto asset software services," said the Senators.

Also read: US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet

This follows the DOJ's actions against crypto mixers Samourai Wallet and Tornado Cash. The Department of Justice accused both crypto service providers of running unlicensed money-transmitting businesses. For such accusations, the Senators refer back to money-transmitting business statutes and what it claims to be criminal acts of money transmitting, which does not apply in this case.

The DOJ arrested and charged the founders of Samourai Wallet in April after charging Tornado Cash founders last year, accusing them of operating unlicensed money-transmitting businesses. The DOJ claimed that the two crypto mixers were involved in over $2 billion of unlawful transactions, with about $100 million of the funds being laundered money.

Read more: US House Committee set to address regulatory issues over digital assets through review of FIT21 Act

Senators Ron Wyden and Cynthia Lummis urge the Attorney General to "discard" the new interpretation of money transmission released by the DOJ, as it continues to affect the safety of crypto asset software service providers. They also challenge the DOJ to begin presenting a clear and logically sound interpretation of money transmission as written out by the FinCEN.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD falls to near $63.50 amid Fed hike bets, higher oil pricesSilver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.
Author  FXStreet
7 hours ago
Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.
placeholder
Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
Author  Suzie
10 hours ago
A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.
placeholder
Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
Author  Irene Q.
11 hours ago
Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.
placeholder
TradingKey Daily Market Briefing: CPI Data Boosts Rate Hike Expectations, Geopolitical Risks Spark Oil Price SurgeTracking Market TrendsTradingKey - The three major U.S. stock indices rose across the board last Friday, with the Dow Jones Industrial Average rising 0.98%, the Nasdaq Composite Index gaining 0.96%, a
Author  TradingKey
16 hours ago
Tracking Market TrendsTradingKey - The three major U.S. stock indices rose across the board last Friday, with the Dow Jones Industrial Average rising 0.98%, the Nasdaq Composite Index gaining 0.96%, a
placeholder
Gold Price Forecast: PPI and Oil Prices Fuel Inflation Concerns, Can CPI Change Gold's Direction?As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
Author  TradingKey
Sep 11, Fri
As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
goTop
quote