According to recent rumors, US Treasury Secretary Stephen Mnuchin may waive tough legislation regarding cryptocurrencies before they are expected to be issued by the end of 2020. The main component of the entire industry. Cynthia Loomis, the US senator-elect from the cryptocurrency-friendly state of Wyoming, considers this decision harmful.
“I spoke with Foreign Minister Mnuchin last week and I strongly urged him to take the best path forward,” Loomis said in a tweet on Friday.
“Congress is in a better position to assess the competing political issues at stake. The existing base could also expand BSA potentially to include new types of transactions beyond congressional intentions.”
Loomis is not the only prime minister to express concern about a possible court decision. Several members of Congress have also recently opposed the idea of such legislation. Additionally, Coinbase CEO Brian Armstrong warned of the implications of such a change in the law.
“I am deeply concerned that the Treasury is considering a hasty rule governing digital asset portfolios and the Banking Secrecy Act (BSA),” Lamis said at the start of his tweet. “Instead of adopting early rules on this complex issue, the Treasury Department should immediately begin a transparent process of engaging with Congress and the industry, and building consensus to move America forward,” she added.
Lamis said that containing the cryptocurrency wallet scene could put pressure on the United States against countries like China. The country has already lagged behind in its search for a World Central Bank digital currency, or CBDC. “It is possible that the Treasury Act will also be passed without public comment under an often misused portion of the Public Administration Act,” she said. “Transparency is good policy.”
One of the most important benefits of a cryptocurrency is the freedom it provides. Members can store, monitor and trade with their own funds regardless of the time or day of the week. Crypto and blockchain are largely fundraising and financing. Strong regulation can largely eliminate such benefits and innovation.
“The rule adopted at this point will be the solution to the problem. There are more pressing issues with BSA.”
As a Bitcoin currency, Lamis knows firsthand the benefits of cryptocurrency.