US Crypto Congressman Introduces ‘Keep Your Coins’ Act

The “Keep Your Coins Act,” introduced by Ohio district congressman Warren Davidson on Feb. 15, aims to safeguard cryptocurrency investors from overreaching legislative action.

Warren Davidson, a member of the United States Congress, has sponsored a bill that would bar government entities from restricting access to and usage of self-hosted bitcoin wallets.

The bill provides users with the ability to:

utilise virtual currency or its equivalent for personal gain, such as to buy real or virtual goods and services for personal gain; or (2) conduct transactions through a self-hosted wallet.”

The action follows Canada’s crackdown on crowdfunding platforms and crypto donations in an attempt to quell the country’s growing protest movement.
Spending Protection with Crypto

The measure would prohibit government entities from “restricting a person’s use of convertible virtual money to purchase goods or services for the person’s own use, and other purposes,” according to reports. It would also bar them from banning cryptocurrency users from transacting.

Congressman Davidson told Bitcoin (BTC) Magazine that the framework safeguards self-custody. In response to the Canadian crackdown, he said:

“We should not use money to exert control over people.” Of course, if criminal conduct is detected, you should pursue it. Consider what would happen if the BLM movement had been crowdfunded. That would not be acceptable. It’s also not acceptable to the Freedom Convoy.”

Over the last few years, US lawmakers have targeted self-hosted or private crypto wallets. The Treasury Department, led by Secretary Janet Yellen, has reconsidered a contentious proposal to impose know-your-customer (KYC) requirements on self-hosted cryptocurrency wallets.

The Financial Crimes Enforcement Network, a US anti-money laundering organisation, first suggested the rule in 2020. (FinCEN). If passed, anyone wishing to transfer cryptocurrency to their own private wallets would be compelled to provide names, addresses, and other personal information to digital asset exchanges.
A regulatory crackdown on advertising is on the horizon.

Although there are still a few pro-crypto lawmakers, such as Congressman Davidson, the prevailing view in the United States appears to be one of heavy-handed regulation. The proposed ‘Keep Your Coins’ Act still needs to be passed into law before it can be implemented, and it is expected to face fierce criticism from those who want to outlaw the sector entirely.

In a similar development, Congressman Josh Gotthiemer issued a discussion draught of the Stablecoin Innovation and Protection Act this week in an effort to encourage clearer laws and innovation in the financial industry.

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