US Congressman Warren Davidson cryptocurrency introduced a new bill to protect wallets from government agencies.
Cryptocurrency Wallets Will Be Protected From Federal Authorities If The Law Is Passed
The bill, which was introduced on February 15, aims to “prevent Federal authorities from restricting the use of convertible virtual currencies used by individuals to purchase goods or services for themselves or for other purposes.”
With the bill, state authorities in the USA will not be able to restrict “the personal use of virtual currency and their equivalents for real or virtual products and services and transactions with their own wallets”.
Trump Administration Tried To Interfere With Crypto Wallets
In late 2020 and early 2021, the Trump administration’s Secretary of the Treasury, Steven Mnuchin, declared war on personal cryptocurrency wallets and, towards the end of the Trump era, bitcoin and tried to impose restrictions on transfers between cryptocurrency exchanges and unknown wallets.
With Janet Yellen becoming the US Secretary of the Treasury, this controversial crypto wallet rule was shelved.
Congressman Davidson said he would be “concerned if crypto wallets are not protected” in case such a restrictive rule comes back.
In his statements, Davidson also explained his support for the independent functioning of cryptocurrencies, saying: “People should be able to operate their own nodes and store some of their digital assets in their own wallet.”
Warren Davidson, one of the members of the Blockchain Committee in Congress, who also created the Token Taxonomy Law, Blockchain It is known as a name close to technology.