A US Congressman has introduced the “Keep Your Coin Act” to “protect Americans’ right to privacy in transactions with cryptocurrency assets.” “This law would prohibit any federal agency from enforcing a rule that would impair a person’s ability to act as a self-protector,” the legislator says.
US lawmaker seeks to protect privacy in crypto transactions with ‘Keep Your Coin Act’
The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction confidentiality.”
The announcement states that the proposed legislation is “designed to protect Americans’ right to privacy in transactions with cryptocurrency assets,” adding:
Specifically, the law would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as a self-protector.
“An individual will then be able to conduct peer-to-peer transactions with their crypto assets without using a third party intermediary,” the announcement continues. “This would essentially reduce any need for a financial institution or money services business to facilitate transactions.”
The Ohio lawmaker elaborated: “As the federal government calls for greater regulation of the crypto ecosystem, it seeks to impose greater surveillance on US citizens. It is vital that we protect cash by protecting the nature of unaccompanied cash.” Maintain the characteristics of the transaction.” Representative Davidson emphasized:
There should be no need for a third party to use money as a means of exchange, store of value, and record of account for two people (or companies). The Bill ensures that individuals will always have the ability to transact without any middlemen.
Davidson announced his intention to launch the bill on Tuesday after Canadian Prime Minister Justin Trudeau invoked the Emergency Situations 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 any person or business” associated with Freedom Convoy protests without a court order. .
Commenting on the Emergency Act announcement, Davidson tweeted Tuesday: “Our office in the US House of Representatives will soon introduce legislation to protect Americans from this version of theft.”
What do you think of Warren Davidson’s Keep Your Coins Act? Let us know in the comments section below.
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