Keep Your Coins Act: US Lawmaker Introduces Bill to Protect Privacy in Cryptocurrency Transactions

Keep Your Coins Act: US Lawmaker Introduces Bill to Protect Privacy in Cryptocurrency Transactions

A U.S. 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 U.S. House of Representatives shortly to protect Americans from this version of overt theft.” Tags in this story canada emergencies act, Freedom Convoy, Keep Your Coins Act, Keep Your Coins bill, us lawmaker, Warren Davidson

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. UAE Prepares to Launch Nationwide Crypto Licensing System in Line With Global Standards REGULATION | 2 hours ago FBI Launches "Virtual Asset Exploitation Unit" With Specialized Team of Crypto Experts REGULATION | 4 hours ago

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