United

Biden

Joe Biden

President Donald Trump

Donald Trump

In the upcoming election in the United States, the presidential candidate’s view on Bitcoin and blockchain is going to play an important role. Recently, on May 13, 2024, a pro-Bitcoin Senator from Wyoming Cynthia Lummis made a statement that the presentJoe Biden government has been planning to apply the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) law and criminalize Bitcoin Software developers.&nbsp; U.S. Senator Claims over Biden administration&nbsp; 
Lummis stated, “The <a href="https://news.todayq.com/biden-could-propose-24-billion-tax-provision-to-close-crypto-loopholes-in-upcoming-budget/" rel="noopener noreferrer nofollow">Biden administration’s</a> alteration of FinCEN’s interpretation not only strays from legal precedent but also undermines the entrepreneurial spirit that drives America’s global economic prominence.”
Lummis highlighted the importance of differentiating between Bitcoin wallet software and illicit financial activities, comparing wallet software to a highway and rejecting the idea that it inherently facilitates crime. She remains committed to protecting the right to self-custody of digital assets and ensuring that the cryptocurrency industry can succeed legally. “Safeguarding the right to store private keys in personal wallets is important,” she added.
However, U.S. Senator Ron Wyden repeated these concerns, highlighting the need for clear and consistent law enforcement that targets those using digital assets for money laundering or tax evasion, without penalizing software developers. Additionally, Wyden stated that,&nbsp;
“I’m concerned that the DOJ’s interpretation would unjustly categorize software developers as criminals simply for creating and disseminating code utilized by others – a precedent that contradicts established legal norms and raises significant First Amendment issues” Donald Trump’s Support to pro-Bitcoin Senator 
The senators urged the DOJ to align its policies with FinCEN’s, focusing on illicit transmissions rather than the developers who innovate in the digital asset space. Amidst these regulatory tensions, former President Donald Trump has expressed support for the crypto industry, promising better regulatory handling if re-elected. Many in the crypto community believe Trump’s approach would be more favorable compared to the current administration.
This bipartisan effort highlights the need for balanced regulations in the cryptocurrency landscape to foster innovation while stopping misuse, ensuring that the U.S. remains at the forefront of the global digital economy.
Following this incident, the overall crypto market is slightly affected and is down by nearly 1.5%. Whereas, top cryptocurrencies like Bitcoin, Ethereum, Binance coin, and many others saw a price drop of over 1%, 1.7%, and 1.3% respectively.

Donald Trump promises better Crypto regulations if he re-elected

Todayq News

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