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Crypto Self-Custody Is Antidote to FTX Fraud — ‘Keep Your Coins Act’ Will Protect Self-Hosted Wallets – Regulation Bitcoin News

U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies because the antidote to crypto alternate FTX’s fraud. He is pushing for his invoice known as “Keep Your Coins Act,” which goals to “protect self-custody from misguided attempts to restrict it.”

U.S. Lawmaker Pushes for Self-Custody

Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency alternate FTX. He tweeted Wednesday:

Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would defend self-custody from misguided makes an attempt to limit it.

“Anyone attacking self-custody is telling you they oppose individual freedom,” the lawmaker added.

Responding to a question on Twitter about why new legal guidelines are wanted if individuals can already self custody right now, the congressman replied:

Current and former Treasury secretaries have mentioned banning what they name ‘self-hosted wallets’ — self-custody. Senator Elizabeth Warren and quite a few different members of Congress have proposed bans. We want to positively defend it to defend freedom — just like the Bill of Rights.

The congressman from Ohio introduced his “Keep Your Coins Act” in February. Noting that the invoice seeks to “preserve Americans’ right to privacy in transacting with crypto assets,” the lawmaker defined on the time that “Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.”

Senator Elizabeth Warren unveiled a invoice titled “Digital Asset Anti-Money Laundering Act” final week. According to crypto advocates, it’s “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen.”

Last week, Davidson stated he believes former FTX CEO Sam Bankman-Fried (SBF) was arrested earlier than the House and Senate hearings passed off as a result of the Securities and Exchange Commission (SEC) and different regulators “did not want to give Congress an opportunity to ask SBF about their failed oversight.”

One lawmaker who not too long ago recommended that crypto might be banned is Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and Urban Affairs Committee. However, he acknowledged that banning crypto “is very difficult because it will go offshore and who knows how that will work.”

Commenting on Senator Brown’s banning crypto suggestion, Rep. Davidson tweeted:

Ohio wants a brand new Senator, the Senate Banking Committee wants a brand new Chairman, and Congress wants to perceive its failure to act is actively exposing shoppers, buyers, and innovators to avoidable threat.

Senator Pat Toomey (R-PA), rating member of the Senate Banking Committee, concurred with Davidson. He has pressured that the concept of banning crypto is “profoundly misguided, not to mention impossible.” The senator from Pennsylvania emphasised: “Short of enacting draconian, authoritarian policies, cryptocurrency cannot be stopped. If we tried, the technology would simply migrate offshore.”

What do you consider the feedback by Congressman Warren Davidson in regards to the self-custody of cryptocurrencies? Let us know within the feedback part beneath.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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