Cryptocurrency News

US Congressman expresses importance of crypto wallet privacy

At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson sat down with United States Senator Cynthia Loomis for interview questions. The interview took a turn towards privacy, with Davidson responding with comments on the crypto wallet.

“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said, in response to a question about the potential for over-regulation in crypto. “It’s a terrible approach,” he said. “If we don’t protect private wallets, someone is going to try to ban them.”

As noted by Davidson, December 2020 saw the US Treasury suggest strict overwatch Self-protected digital asset wallets, with certain specifications, such as calling for more information from users transacting with wallets kept away from crypto exchanges.

“I want countries to take the threat to privacy as seriously as they take the threat of the Second Amendment,” he said. The Second Amendment to the US Constitution gives citizens the right to own a gun.

Taking his turn in response, Lumis noted the importance of teaching the people of the US government on 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 how it is such a great asset to pair with the US dollar. Why is that,” she said. said. “It could be a worldwide underlying network to hold the dollar as a global reserve currency, but still allow people to transact in a very freedom-loving way,” he said:

“Even if you’re in Venezuela, where inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through bitcoin. And, the United States, if we get to that point. Where we are experiencing the kind of inflation that we started seeing this year, we might want that option as well.”

In recent years, Venezuela has seen rising levels of inflation amid a macroeconomic fall that was partly linked to the 2014 oil-price collapse.

So far the bitcoin 2021 conference has taken place in Miami. Critical action hosted In terms of speakers and discussions. The event will continue for the second day on Saturday.