US Lawmaker Introduces Bill to Protect Privacy in Cryptocurrency Transactions – Regulation Bitcoin News

A US congressman has introduced the “Keep Your Coins Act” in order to “preserve Americans’ right to privacy in transacting with crypto assets.” The lawmaker says, “This legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.”

US Lawmaker Seeks to Protect Privacy in Crypto Transactions With ‘Keep Your Coins Act’

The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction privacy.”

The announcement explains that the proposed legislation is “designed to preserve Americans’ right to privacy in transacting with crypto assets,” adding:

Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.

“A person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party intermediary,” the announcement continues. “This would essentially cut out any need for a financial institution or money service business to facilitate a transaction.”

The lawmaker from Ohio detailed: “As the federal government seeks more regulation of the crypto ecosystem, it seeks to impose more surveillance over American citizens. It’s vital that we preserve the attributes of cash transactions by protecting the permissionless nature of cash. ” Rep. Davidson stressed:

No third party should be required for two people (or companies) to use money as a means of exchange, store of value, and record of account. This bill ensures that individuals will always have the ability to transact without any intermediaries.

Davidson announced his intention to launch the bill Tuesday after Canadian Prime Minister Justin Trudeau invoked the Emergencies Act. One of the measures afforded by the Canadian act is for banks and financial service providers to be able to “immediately freeze or suspend the account of an individual or business” affiliated with the Freedom Convoy protests without a court order.

Commenting on the Emergencies Act announcement, Davidson tweeted Tuesday: “Our office will be introducing legislation in the US House of Representatives shortly to protect Americans from this version of overt theft.”

What do you think about Warren Davidson’s Keep Your Coins Act? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...