Warren Davidson, the Congressman, has introduced the “Keep Your Coins” bill in the House of Representatives to protect individuals’ self-custodied crypto wallets from United States government agency control.
It has been reported that the introduction on Tuesday comes just a day after the Canadian government invoked the Emergencies Act, giving it the power to freeze bank accounts and monitor large transactions (including crypto) without a court order. The move was in direct response to fundraising efforts by the COVID-19 policy-focused Freedom Convoy protesters.
However, the name of the bill “Keep Your Coins” is a play on the acronym for Know Your Customer (KYC) and refers to protections for crypto users from having their own digital assets taken out of their control. If passed, Davidson’s bill would “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use” and for other purposes such as crypto transactions.
The report said that while it appears that the bill has been put forward during an opportune time as the Canadian government’s action causes uproar, Davidson stated on Twitter on Tuesday that the bill has been in the works for six years before it was introduced to the House of Representatives.
Likewise, its not clear how much support the bill will get from the Democrats, however, as they have generally been more in favor of clamping down on crypto and blockchain technology.
They added:
“Been working on that since 2016. Unbelievable that Congress won’t unite to end the unjust, immoral, and unconstitutional practice of civil asset forfeiture — AKA government theft.”
The congressman, alongside pro-crypto colleagues such as Senator Cynthia Lummis, has long advocated for the privacy and freedom of individuals’ crypto wallets. During the Miami Bitcoin conference last year, Davidson stated that the potential over-regulation of the crypto sector concerning private wallets was “a horrible approach.”
He said:
“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment.”
Source: Cointelegraph