The latest rumor circulating in the crypto community is that Steven Mnuchin, a US Secretary of the Treasury, may release unfavorable cryptocurrency wallet-related legislation.
According to our findings, the secretary left his office at the end of 2020, but it seems he’s bent on adding a stringent law on cryptocurrency.
Everyone is anxious from what we gather because the new law may ban or limit self-custodied asset wallets, which is an important part of the crypto industry.
Many people are not happy about it, and a US Senator-elect from Wyoming, Cynthia Lummis, is not too accepting of the new legislation.
In a tweet on Friday, Lummis wrote that she spoke with the Secretary to rethink the new legislation with something doable.
Other’s Reaction on Cryptocurrency Wallet Legislation
Apart from Lummis, other government figures are expressing concern about the legal move. Many members of Congress have recently reacted against the idea of establishing such a law. Other prominent figures in the crypto industry have warned that the consequences of such legislation will be dire.
However, Lummis also stated in her tweet that maybe the Treasury Dept is too hasty in their decision.
However, she suggested that the Treasury start a process where the Industry and the Congress can come together to agree on ways to move the country forward.
Lummis believes that if the law flies and ends up restricting crypto wallets, the US will bear the consequences as it’ll put them at a disadvantage against China.
She further pointed out that America is already behind in its pursuit for a CBDC (central bank digital currency). Therefore, the country should adopt a transparent process to arrive at a consensus instead of abusing the Administrative Procedure Act.
Any law restricting crypto wallet is going to shake the foundation of cryptocurrency. The whole selling point of digital currency is that people can hold it, control it, and transact with it anytime, any day.
Moreover, Crypto & Blockchain uses money & finance, and if there’s any form of self-regulation, the whole advantage of the two is no longer available.