US Congressman Expresses Importance of Crypto Wallet Privacy
At the lively Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside U.S. Senator Cynthia Lummis, sat down to answer interview questions. The interview took a turn on privacy, with Davidson responding with comments on crypto wallets.
“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson mentionned, answering a question about the possibility of over-regulation in crypto. “It’s a horrible approach,” he added. “If we don’t protect private wallets, someone is going to try to ban them.”
As Davidson mentioned, in December 2020, the US Treasury suggested strict oversight of self-managed digital asset portfolios, with some specifics, such as requesting more information from users transacting with portfolios kept out of the way. crypto exchanges.
“I want the country to take the threat to privacy as seriously as it takes the threat to the Second Amendment,” he said. The Second Amendment to the US Constitution gives citizens ownership rights to firearms.
In turn taking a response, Lummis noted the importance of teaching people in the US government about Bitcoin. “We are trying to create a financial innovation caucus so that we can use it to educate members of the US Senate and their staff about Bitcoin, its benefits and why it is such a fabulous asset to match the US dollar.” , she said. mentionned. “This can be the underlying network, around the world, to keep the dollar as the world’s reserve currency, while still allowing people to transact in a very free way,” she said, adding:
“Whether you are in Venezuela, where inflation is outrageous and you are trying to get your wealth out of the country, you can get it out through Bitcoin. And, in the United States, if we get to the point where we’re experiencing the kind of inflation that we’ve started to see this year, we might want that alternative as well. ”
In recent years, Venezuela has experienced skyrocketing inflation levels amid widespread economic decline partly linked to the collapse in oil prices in 2014.
The Bitcoin 2021 conference in Miami has so far hosted significant action in terms of speakers and discussions. The event will continue on Saturday for a second day.