Wednesday, May 18, 2022
HomeBitcoin NewsU.S. proposes law to prohibit federal agencies from tapping cryptocurrency accounts

U.S. proposes law to prohibit federal agencies from tapping cryptocurrency accounts

U.S. Congressman Warren Davidson introduced before Congress a bill by the name: “Keep Your Coins Act” (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 policies over the COVID-19 pandemic, especially mandatory vaccination.

Recently, in Canada, truck drivers protesting against the Covid 19 vaccine, opened several crowdfunding, both on GoFundMe and other platforms, including cryptocurrency, in order to financially support their protests, but these were blocked by the government, which yesterday even talked about blocking their bank accounts and monitoring cryptocurrency transactions.

Faced with these measures, the congressman is proposing legislation that would prevent the same thing from happening to Americans at some point.

“Our office will shortly introduce legislation in the U.S. House of Representatives to protect Americans from this version of overt theft.

Please inform your Member of Congress and Senators….

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

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

“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 cryptocurrencies, they want to try to move them to an account-based system,” the congressman responded.

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

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

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