'Keep Your Coins' bill introduced to restrict government control of crypto15.02.2022
Ohio’s eighth district congressman Warren Davidson has introduced the “Keep Your Coins” bill in the House of Representatives to protect individuals’ self-custodied crypto wallets from U.S. government agency control.
The introduction on Feb. 15 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.
The name of the bill ‘Keep Your Coins’ is a play on 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.
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 yesterday that the bill has been in the works for six years before it was introduced to the House of Reps.
Our office will be introducing legislation in the US House of Representatives shortly to protect Americans from this version of overt theft.
Please let your Member of Congress and Senators know… https://t.co/UbNdcj8ZZ4
— Warren Davidson (@WarrenDavidson) February 15, 2022
It is unclear 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 tech:
“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 Republican congressman — alongside pro-crypto colleagues such as Senator Cynthia Lummis — has long advocated for the privacy and freedom for 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.”
“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment,” he said.
“So, while financial privacy should already be protected by the Constitution (the Fourth Amendment), preventing the government from being able to prohibit or restrict the use of self‐hosted wallets is a much‐needed policy improvement.” https://t.co/RfpyY6yLQ8
— Warren Davidson (@WarrenDavidson) February 16, 2022
Cointelegraph has reached out to Davidson for comment on the bill, and will update the story once he responds.