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U.S. Congressman Warren Davidson Proposes a Bill to Protect Self Hosted Crypto

Legal

btcmanager.com 16 February 2022 10:00, UTC
  
Reading time: ~3 m

Congressman Warren Davidson has introduced a bill to deter the government from meddling with self-hosting cryptos. The congressman seeks the help of Congress to keep the government away from unjust, Immoral, and unconstitutional forfeiture of civil assets.

Bill Introduced to Protect Self-Hosting Cryptos

Ohio’s congressman Warren Davidson has filed a ‘keep your coins’ bill in the house of representatives. The bill seeks to protect individual investors’ self custodied crypto wallets from US government control.

Warren’s bill’s introduction comes after the Canadian government invoked the Emergencies Act that gives access to people’s bank accounts. It allows governmental organizations to freeze assets and monitor large transactions, including cryptos, without court orders. The move was made to respond to fundraising efforts for the covid 19 policies freedom convoy protestors.

Warren Davidson Looks to shield self-hosted crypto holders from federal exploitation

The bill’s name ‘Keep Your Coins’ is a wordplay on KYC that protects crypto investors from having their digital holdings seized by the government. 

If Warren’s Bill is passed, it will prohibit all federal agencies from restricting the use of virtual currencies for payment services. While the bill seems to have been proposed at an opportune time, Davidson clarified that he has been working on it for six years.

Warren Calls Out Injustices Regarding Crypto Regulation

In his tweet, Davidson said their office introduced the bill in the US House of Representatives to protect citizens from overt theft. He also asked all who saw the tweet to notify their Congressmen and Senators.

It is unclear how much support the bill will gain from the democrats as they have been opposed to cryptos. However, Davidson is optimistic about his efforts in protecting Americans from such injustices. He also has support from Senator Cynthia Lummis on keeping the government away from individuals’ crypto wallets.

Davidson has been campaigning against these injustices for a long time now. Last year during the Miami Bitcoin Conference, he pointed out the potential overregulation of cryptos that could come. He said that the possibility of the government meddling with private crypto wallets is horrible.

He said that his wish was for the country to treat private wallets as seriously as they do with the second amendment. In his Tweet from earlier today, Warren said that personal wallets should be protected by the constitution (Fourth Amendment). If that is so, then the government doesn’t have the power to prohibit or restrict the use of self-hosted cryptocurrency. 

Crypto Regulation Status in the World

Crypto regulation around the globe is among the hottest headlines spanning from the US to Russia and India. Even other countries are struggling with coming up with the best regulatory structures.

However, every country has different issues in introducing new regulations. In India, the coins are trading at a tax of 30% for every sale. However, the Central Bank and some lawmakers are pushing for a blanket ban.

Russia is also in similar conditions as the Bank of Russia pushes for a complete ban while other ministries want the coins to be regulated. Given that talks are ongoing, it is uncertain what the final result will be. In the US, citizens are waiting for an Executive order from the White house to know how the government regulates the coins.

These developments are worth watching since they may be used as a benchmark by other countries in the future.


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