Cryptocurrency

Coin

<ul class="news-points">
 <li>DOJ’s interpretation of money transmission extends to non-custodial crypto software, challenging industry norms.</li>
 <li>FinCEN’s historical guidance supports non-custodial services, emphasizing asset custody distinctions.</li>
 <li>Critics argue DOJ’s stance lacks coherence, as cryptocurrency ownership remains with users, not service providers.</li>
</ul>
The recent policy arguments put forth by the <a href="https://www.lummis.senate.gov/wp-content/uploads/Lummis-Wyden-Letter-on-Non-Custodial-Crypto-Asset-Software.pdf" target="_blank" rel="noopener noreferrer nofollow">U.S. Department of Justice</a> (DOJ) regarding the scope of Federal prohibition on operating an unlicensed money transmitting business have sparked significant concerns.&nbsp;
The cryptocurrency community has expressed concern over the DOJ’s interpretation, particularly its application to non-custodial crypto asset software services. This interpretation seems to diverge from both the original intent of Congress and established guidance from <a href="https://coinedition.com/fincen-approved-futurex-pro-marks-privacy-and-security-as-operational-priorities-in-recent-launch/?utm_source=telegram_channel&amp;utm_medium=referral" rel="noopener noreferrer nofollow">FinCEN</a>, the Department of the Treasury’s Financial Crimes Enforcement Network.
A key point of disagreement centers on how “money transmission” is defined in applicable laws and regulations. While the DOJ’s position suggests that any interaction with cryptocurrency, including non-custodial involvement, might qualify as money transmission, advocates of non-custod…
The post <a href="https://coinedition.com/cryptocurrency-developers-fight-back-against-dojs-money-transmission-stance/" rel="noopener noreferrer nofollow">Cryptocurrency Developers Fight Back Against DOJ’s Money Transmission Stance</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Cryptocurrency Developers Fight Back Against DOJ’s Money Transmission Stance

Coin Edition

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