US Congress proposes protections for non-custodial cryptocurrency storage

Representative Warren Davidson of the US House of Representatives has introduced a bill aimed at protecting private individuals’ digital wallets from government agency oversight.

Our office will be introducing legislation in the US House of Representatives shortly to protect Americans from this version of overt theft.

Please let your Member of Congress and Senators know… https://t.co/UbNdcj8ZZ4

— Warren Davidson (@WarrenDavidson) February 15, 2022

The document would ban federal agencies from restricting the use of convertible virtual currency to purchase goods or services for personal use, as well as from restricting transactions conducted via personal non-custodial wallets.

Citizens should run their own nodes and have control over a portion of their digital assets, Davidson explained in a conversation with The Block.

The congressman introduced the initiative the day after the Canadian government invoked the Emergencies Act. The document granted authorities the power to freeze bank accounts and track large transactions (including those involving cryptocurrencies) without a court order.

In late 2020, the U.S. Treasury proposed mandatory verification of users of non-custodial cryptocurrency wallets.

In January 2021, the new administration initially froze the implementation of this initiative. However, a year later it emerged that the agency returned the proposal to the six-month work plan.

Earlier, Davidson was among those who sent a SEC letter on the topic of deregulating crypto savings accounts and stablecoins.

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