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October 3, 2022
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– Bitcoin, cryptocurrencies and blockchain technology.

Information has emerged in the US that the authorities want to regulate the cryptocurrency wallet market. Some politicians are against it. For example, Cynthia Lummis, the recently elected Senator from Wyoming, took the floor. She thinks it’s a bad idea.

Cunthia Lummis: let’s not go this way!

According to recent rumors, U.S. Treasury Secretary Steven Mnuchin may want to enforce strict cryptocurrency laws, specifically wallets against them. The new law could potentially severely restrict or ban the operation of independent digital asset portfolios – a key component of the entire industry.

Cynthia Lummis, a US senator-elect from the cryptocurrency-friendly state of Wyoming, finds such ideas harmful.

– RI spoke to Secretary Mnuchin last week and strongly insisted that he find a better way to develop the market Lummis said, adding that “Congress is best placed to consider various competing political issues,” suggesting that potential legislation should be sent to the US parliament.

Lummis is not the only politician who expressed concern about a possible legal move on the part of the current government. Many members of Congress have also recently opposed such a bill. In addition, Coinbase CEO Brian Armstrong warned of the ramifications of such a change in law.

– I am deeply concerned that the Treasury Department is considering legislation to regulate digital asset portfolios and the Banking Secrecy Act (BSA) Lummis said. – (…) The Treasury Department should immediately begin a transparent process of cooperation with Congress and the market [kryptowalut]building a consensus that will move America forward – she added.

USA will lose the technology war?

According to Lummis, limiting the development of the cryptocurrency wallet market may hinder the US from technological rivalry with countries such as China. Anyway, the United States has already overslept in the field of issuing digital currency of the central bank. The digital yuan may be issued as early as 2021. Nobody even works on the e-dollar.

The USA surprises with its lack of openness to cryptocurrencies and technological innovations. This problem was highlighted by, for example, Andrew Yang, a would-be candidate for president from the Democratic Party camp.

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