US congressman proposes bill that prohibits federal agencies from restricting cryptocurrencies – DiarioBitcoin

US congressman proposes bill that prohibits federal agencies from restricting cryptocurrencies - DiarioBitcoin

US congressman proposes bill that prohibits federal agencies from restricting cryptocurrencies - DiarioBitcoin For DailyBitcoin Editor

US Congressman Warren Davidson introduced the bill to prevent restrictions on the use of currency, such as those in Canada.

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U.S. Congressman Warren Davidson introduced a bill to his country’s Congress entitled “Coin Conservation Law” (Keep Your Coins Act). This comes in the wake of growing concern over the Canadian government’s crackdown on some civil liberties of truckers protesting COVID-19 pandemic policies, especially mandatory vaccination.

as counted DailyBitcoin, truckers opened several crowdfunding, both in GoFundMeas on other platforms, including cryptocurrencies, in order to financially support their protests, but these were blocked by the government, which yesterday even spoke of blocking their bank accounts and, what has the crypto community alarmed: monitoring transactions with cryptocurrencies.

Given these measures, Davidson proposes legislation that prevents the same thing from happening to Americans at some point.

So says Davidson in Twitter:

Our office will soon introduce legislation in the US House of Representatives to protect Americans from this version of overt theft.

Please inform your member of Congress and senators…

what the law would do

If passed, the bill would prevent any agency head from banning or restricting “a covered user’s ability to: (1) use virtual currency or its equivalent for that user’s own purposes, such as purchasing real or virtual goods and services for the user’s own use; or (2) transact through a self-hosted wallet.”

The middle Bitcoin Magazine spoke to Congressman Davidson about the bill, who explained that it is not legislation made overnight or specifically in response to what happened in Canada:

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“We started working on the text after it became obvious that Secretary Yellen would resurrect the effort to restrict self-custody. If they can’t stop crypto, they want to try to move it to an account-based system.” the congressman replied.

He added that the project provides a framework for the standard KYC (Know Your Customer)) that protects self-custody. Regarding the Canadian situation, he noted:

We shouldn’t use money as a way to control people. Of course, if there is criminal activity, you should go after that.”

Sources: Bitcoin Magazine, Bitcoinistarchive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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