- US congressman proposes to protect private crypto wallets from blocking by federal agencies
- The corresponding draft law has already gone into work
- This is a very important initiative because it will allow owners to do not be afraid of monitoring and blocking by the state
American politician Warren Davidson has introduced a draft law that will protect private crypto wallets from government agencies.
If passed, federal agencies will not be able to block private crypto wallets. Provided that the accounts are used for personal purposes – for the purchase of goods or services, for transfers to other individuals, etc.
Private crypto-wallets have long been under the gun of the authorities. At the end 2020 the US Treasury offered to introduce monitoring and limits on transfers between anonymous users. Such a law was lobbied by the former Treasury Secretary under Donald Trump. But the government changed, and the scandalous bill was shelved.
Despite this, some intermediaries require users to be identified. This eliminates the whole essence of cryptocurrencies – anonymity and freedom.
The author of the new bill shared his vision in an interview with The Block. Davidson stated that he “will not rest until he is accepted.” The politician fears that the authorities will again take up the old norms of monitoring and controlling private wallets. Therefore, only official law will protect American crypto users.
Recall that the US Treasury plans to control NFT transactions and introduce a check for money laundering.
