US Department of Justice to make Bitcoin software development illegal
Cryptocurrency industry continues to evolve and there has been ample collaboration between various regulars and innovators, but Joe Biden’s Department of Justice has decided to make all activities related to bitcoin’s software development.
Crypto will still thrive even if Biden’s DOJ decides to criminalize it. In the document, it says,
“FinCEN regulations mirror this language regarding acceptance and transmission. The relevant rule states that money transmission “means the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.” The statutes and regulations are clear that direct receipt and control of assets are required elements of money transmission. Indeed, this limiting factor is essential, otherwise a wide range of additional services such as internet service providers or postal carriers could inadvertently be caught in the definition of a money transmitting business since they routinely send, receive and process information and messages regarding payments.”
US Senators say Biden's government will be making Bitcoin software development a crime in America. #bitcoin #USA #Biden #America #cryptocurrency pic.twitter.com/7A9hcOry6p
— Authority Capital (@emphatic) May 13, 2024
It also says,
“Consequently, non-custodial crypto service providers cannot be classified as money transmitter businesses because users of such services retain sole possession and control of their crypto assets. At no point when operating or providing non custodial services do such service providers “accept” crypto assets from their users. At all times, users retain exclusive custody and control over the private keys to their crypto assets. All transactions are signed and processed on the user’s local device without third party access.”