US lawmaker is most concerned about Treasury's response to crypto

US lawmaker is most concerned about Treasury's response to crypto


Wyoming Senator Cynthia Lummis said the Treasury Department may be more of a threat to innovation in blockchain and cryptocurrencies in the United States than the Securities and Exchange Commission or the Commodity Futures Trading Commission.

Speaking at the Texas Blockchain Summit in Austin on Friday, Lummis said her recent concerns with the federal agency came from the language concerning brokers of cryptocurrency in the infrastructure bill currently at the center of debate in Congress — Treasury Secretary Janet Yellen has expressed her support of the legislation. Under the wording passed by the Senate in August, brokers would have to report digital asset transactions worth more than $10,000 to the Internal Revenue Service.

“The definition that was proposed showed a fundamental misunderstanding of Bitcoin and other digital

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