The “Keep Your Coins Act” was sponsored by a US politician to “protect Americans’ right to privacy when interacting with crypto assets.” “This proposal would prohibit any federal agency from promulgating a rule that would limit a person’s ability to function as self-custodian,” the legislator said.
With the ‘Keep Your Coins Act,’ a US lawmaker tries to preserve anonymity in cryptocurrency transactions
Congressman Warren Davidson’s (OH-R) office said that he has introduced the Keep Your Coins Act to “protect transaction privacy.”
The proposed legislation is “intended to guarantee Americans’ right to privacy in interacting with crypto assets,” according to the release.
This bill would make it illegal for any federal agency to issue a rule that would limit a person’s ability to serve as a self-custodian.
“Without the use of a third-party intermediary, a person would be able to make peer-to-peer transactions with their crypto assets,” the release says. “A financial institution or money service organization would no longer be required to conduct a transaction.”
“As the federal government wants more regulation of the crypto environment, it aims to impose more monitoring upon American citizens,” the Ohio representative explained. It’s critical that we protect the permissionless character of cash transactions in order to preserve the qualities of cash transactions.” Rep. Davidson emphasized the following:
Money should not require the involvement of a third party in order for two people (or corporations) to utilize it as a medium of exchange, a store of value, or a record of account. This bill ensures that people will always be able to transact without the need for a middleman.
After Canadian Prime Minister Justin Trudeau invoked the Emergencies Act, Davidson announced his plan to introduce the bill on Tuesday. Without a court order, banks and financial service providers can “immediately freeze or suspend the account of an individual or business” associated with the Freedom Convoy rallies, according to Canadian laws.
“Our office will be presenting legislation in the United States House of Representatives shortly to protect Americans from this type of overt theft,” Davidson tweeted Tuesday in response to the Emergencies Act news.