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President Joe Biden Plans to Criminalize Bitcoin Software Developers

Senator Cynthia Lummis has alleged that President Joe Biden’s administration is considering a drastic measure that could have far-reaching implications for the cryptocurrency industry. According to Lummis, there are indications that the Biden administration is contemplating criminalizing Bitcoin software developers, raising concerns among stakeholders and enthusiasts in the crypto space.

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Senator Cynthia Lummis has alleged that President Joe Biden’s administration is considering a drastic measure that could have far-reaching implications for the cryptocurrency industry. According to Lummis, there are indications that the Biden administration is contemplating criminalizing Bitcoin software developers, raising concerns among stakeholders and enthusiasts in the crypto space.

The revelation came during a recent interview with Senator Lummis, a prominent advocate for cryptocurrency and blockchain technology. Lummis, who has been a vocal proponent of Bitcoin and digital assets, expressed her apprehensions regarding the potential consequences of such a move by the Biden administration.

Criminalizing Bitcoin software developers would mark a significant escalation in the government’s approach to regulating cryptocurrencies, effectively treating developers as accomplices in any illicit activities facilitated by the Bitcoin network. This approach raises complex legal and ethical questions about the role of software developers in decentralized systems and their responsibility for the actions of users.

The proposal, if enacted, could have serious implications for the broader crypto industry, stifling innovation and development while driving talent and investment away from the United States. It could also undermine the principles of decentralization and censorship resistance that are central to Bitcoin and other cryptocurrencies.

Senator Lummis has vowed to oppose any efforts to criminalize Bitcoin developers, arguing that such a move would be counterproductive and detrimental to the country’s technological advancement. She emphasized the need for policymakers to adopt a more nuanced and balanced approach to regulating cryptocurrencies, one that fosters innovation while addressing legitimate concerns about illicit activities.

The Biden administration has not officially confirmed or commented on the allegations made by Senator Lummis, leaving many in the crypto community uncertain about the government’s intentions regarding Bitcoin regulation. However, the mere suggestion of criminalizing Bitcoin software developers has sparked debate and raised concerns about the future of cryptocurrency in the United States.

In response to the news, stakeholders in the crypto industry have called for greater clarity and dialogue between regulators, policymakers, and the crypto community. They argue that effective regulation should aim to strike a balance between fostering innovation and protecting consumers without stifling technological progress or infringing on individual freedoms.

As the debate over Bitcoin regulation continues to unfold, all eyes will be on the Biden administration to see how it navigates the complex landscape of cryptocurrency policy. With the potential for significant implications on the future of Bitcoin and the broader crypto market, the stakes have never been higher for all parties involved.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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