US Congressman Warren Davidson is promoting self-protection in cryptocurrency as a way to counter the fraud on the FTX crypto exchange. He has advocated for the ‘Currency Preservation Act’, which aims to protect self-hosted wallets from misguided attempts to restrict it.
US Lawmaker Endorses Self-Protection
Congressman Warren Davidson (R-Ohio) made a statement on Wednesday following the collapse of the FTX cryptocurrency exchange:
Self-protection can stop FTX fraud. The Keep Your Coins Act will protect self-custody from misguided attempts to restrict it.
“Anyone who attacks self-protection is telling you that they oppose individual freedom,” the legislator added.
In response to a tweet, the Congressman was asked why new laws were necessary if people already had self-protection.
Current and former Treasury Secretaries have discussed banning what they call “self-hosted wallets”: self-protection. Senator Elizabeth Warren and many other members of Congress have proposed bans. We must protect freedom and defend it, just like the Bill of Rights.
The Ohio Congressman introduced his ‘Keep Your Coins Act’ in February. Noting that the bill seeks to “preserve Americans’ right to privacy in crypto asset transactions,” the lawmaker stated that “Specifically, this legislation would prohibit any federal agency from enacting a rule that impairs the ability of a person to act as self-custodian.”
Senator Elizabeth Warren introduced a bill titled ‘Digital Assets Anti-Money Laundering Act’ last week. According to cryptocurrency advocates, it is “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers that we have seen so far.”
Last week, Davidson believes that the former CEO of FTX, Sam Bankman-Fried (SBF), was arrested after House and Senate hearings were held because the Securities and Exchange Commission (SEC) and other regulators “did not want to give Congress the opportunity to ask SBF about its failed oversight.”
Recently, Senator Sherrod Brown (D-Ohio), Chairman of the Senate Banking, Housing and Urban Affairs Committee, suggested that cryptocurrencies should be banned. However, he acknowledged that the ban on cryptocurrency was difficult because it would go abroad and “who knows how it will work.”
Commenting on Senator Brown’s suggestion to ban cryptocurrency, Rep. Davidson tweeted:
You need a new Senate Banking Committee Chairman, and Congress must understand that inaction exposes consumers, investors, innovators, and others to unnecessary risk.
Sen. Pat Toomey (R-PA), a top ranking member of the Senate Banking Committee, agreed with Davidson. He stressed that the idea of banning cryptocurrencies is “deeply wrong, if not impossible.” The Pennsylvania Senator emphasised: “Unless draconian and authoritarian policies are enacted, cryptocurrency cannot be stopped. If we tried, the technology would just migrate abroad.”
What do you think of Congressman Warren Davidson’s comments on cryptocurrency self-protection? Please let us know your thoughts in the comments section.
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