Keep Your Coins Act: US Lawmaker Introduces Bill to Protect Privacy in Cryptocurrency Transactions
The office of Congressman Warren Davidson, OH-R announced Thursday that the lawmaker introduced the Keep Your Coins Act to protect transaction privacy’
The announcement states that the legislation proposed is ‘designed for Americans’ privacy when transacting with crypto assets’ and adds:
This legislation would specifically prohibit federal agencies from promulgating rules that would affect a person’s ability as self-custodian.
The announcement states that a person will be able conduct peer-to–peer transactions using their crypto assets, without having to use a third party intermediary. This would eliminate the need to use a money service or financial institution to facilitate transactions.
Ohio lawmaker explained: “As the federal government seeks to regulate the crypto ecosystem more, it seeks impose greater surveillance over American citizens. It is vital that we protect the permissibility of cash transactions and preserve the attributes of cash transactions. Rep. Davidson stressed:
Two people or companies should not be restricted from using money as a way to exchange, store value, or record of account. This bill will ensure that all individuals can transact freely without intermediaries.
After Justin Trudeau , the Canadian Prime Minister, announced that Davidson would launch the bill on Tuesday. The Canadian Act allows banks and financial service providers to ‘immediately suspend or freeze the accounts of individuals or businesses’ associated with Freedom Convoy protests, without the need for a court order.
Davidson tweeted Tuesday, commenting on the Emergencies Act announcement: ‘Our Office will be introducing legislation at the U.S. House of Representatives shortly in order to protect Americans against this type of overt theft.