‘Keep Your Coins’ Bill Introduced to Restrict Government Authority Over Crypto
Ohio's 8th district congress politician Warren Davidson has initiated the 'Keep Your Coins' bill in the House of Representatives. This announcement is for safeguarding individuals' self-custodied crypto wallets from U.S. government branch control. The introduction on Feb. 15 came to life only after 24 hours of the Canadian government invoking the Emergencies Act. This introduction offered an authority to withdraw bank accounts and supervise large transactions without a court's intervention. The move was a straightforward answer to the fundraising application on behalf of the COVID-19 policy - Freedom Convoy protestors.
Keep Your Coins: A Challenge on KYC
The bill's name, i.e., 'Keep Your Coins' is a challenge on KYC and acts as a defense for crypto users who're at risk of having their digital assets taken out of their authority. The bill is yet to pass, & if passed, Davidson's bill could do the following. It will ban Federal organizations from controlling the use of convertible virtual currency by a person to buy goods or services for personal use. The bill will also restrict the control over virtual currency for crypto transactions. At a glance, the bill is seen to have been proposed at a convenient time, because the Canadian government's action causes turbulence.
On Twitter, Davidson tweeted saying, "the bill has been active for six years before being introduced publicly to the House of Reps."
Fact is told, it's not known as of what support the bill will be receiving from the Democrats. Anyways, the bill has received increased favor of clamping down on crypto and blockchain tech.
In the course of the Miami Bitcoin conference 2021, Davidson stated, "The inherent over-regulation of the crypto sector in association with the private wallets had been a shocking approach." He added, "It's high time the nation takes a threat to privacy; since it is a serious matter."
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