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US Bill Seeks to Protect Unhosted Crypto Wallets From Regulators
Rep. Warren Davidson (R-OH), a member of the Blockchain Caucus, introduced the bill on Tuesday.
A U.S. bill seeks to prevent government agencies from limiting a person’s use of self-hosted cryptocurrency wallets, a technology that has been in the crosshairs of regulators over the past year. A copy of the bill was provided to CoinDesk.
- The bill was introduced on Feb. 15 by Rep. Warren Davidson (R-Ohio), a member of the Blockchain Caucus, and would ban agencies from “restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and other purposes.”
- The legislation also prevents agencies from prohibiting users from “conducting transactions through a self-hosted wallet.”
- Self-hosted or unhosted crypto wallets have been targeted by U.S. regulations over the course of the past year.
- In late 2020, the U.S. Treasury Department proposed a controversial rule that would require crypto exchanges to collect personal details, including names and home addresses, from users wanting to transfer their cryptocurrency into a private wallet.
- The unhosted crypto wallet rule was driven by then-Treasury Secretary Steven Mnuchin, since succeeded by Janet Yellen, though she hasn’t killed the possibility of the rule being implemented.
STORY CONTINUES BELOW
Read more: A Crypto Wallet by Any Other Name…
Brandy Betz
Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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