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US Congressman Warren Davidson has touted self-custody of cryptocurrencies as crypto exchange FTX’s antidote to fraud. He is pushing for his bill called the “Keep Your Coins Act”, which aims to “protect self-custody from misguided attempts to restrict it”.
US lawmaker pushes for self-care
Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted on Wednesday:
Self-custody is the antidote to FTX fraud and my Keep Your Coins law would protect self-custody from misguided attempts to restrict it.
“Anyone who attacks self-guard tells you they are against individual liberty,” the lawmaker added.
Responding to a question on Twitter about why new laws are needed if people can already keep themselves today, the congressman replied:
Current and previous Treasury secretaries have discussed banning what they call self-custody of “self-hosted wallets.” Senator Elizabeth Warren and many other members of Congress have proposed bans. We must protect it positively to defend freedom like the Bill of Rights.
The Ohio Congressman announced his “Keep Your Coins Act” in February. Noting that the bill seeks to “preserve Americans’ right to privacy in transactions with crypto assets,” the legislator explained at the time that “Specifically, this legislation would prohibit any federal agency from enacting a rule that would impair a person’s ability to act as a self-guardian”.
Senator Elizabeth Warren unveiled a bill last week called the “Digital Asset Anti-Money Laundering Act.” According to cryptocurrency advocates, this is “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers that we have ever seen.”
Last week, Davidson said he believed former FTX CEO Sam Bankman-Fried (SBF) was arrested ahead of House and Senate hearings because the Securities and Exchange Commission (SEC) and other regulators “didn’t want to give Congress an opportunity to ask SBF about their oversight failure.
One lawmaker who has recently suggested crypto could be banned is Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking, Housing, and Urban Affairs Committee. However, he acknowledged that banning crypto “is very difficult because it will go overseas and who knows how that will work out.”
Commenting on Senator Brown’s crypto ban suggestion, Rep. Davidson tweeted:
Ohio needs a new senator, the Senate Banking Committee needs a new chairman, and Congress needs to understand that its failure to act is actively exposing consumers, investors, and innovators to avoidable risk.
Senator Pat Toomey (R-PA), a ranking member of the Senate Banking Committee, agreed with Davidson. He pointed out that the idea of banning crypto is “deeply flawed, if not impossible.” The Pennsylvania senator pointed out, “Unless we put in place draconian and authoritarian policies, cryptocurrency cannot be stopped. If we tried, the technology would simply migrate overseas.
What do you think of Congressman Warren Davidson’s comments on cryptocurrency self-custody? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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