Ohio’s eighth congressman has Warren Davidson has expressed his dissatisfaction with the current US crypto legislature. He introduced a “Keep Your Coins” bill in Congress yesterday, advocating the need to restrict the government’s reach on the citizen’s personal crypto accounts.
The bill is a wordplay on the KYC (Know-Your-Client) initials, stressing the importance of not only protecting the institutions but also the investors.
The bill gets introduced as a response to another piece of legislature introduced north of the USA, in Canada. The Canadian government has passed the “Emergencies Act” that entitles the national banks to freeze any funds on any account.
Davidson took to Twitter to criticize this decision. He wrote: “Our office will be introducing legislation in the US House of Representatives shortly to protect Americans from this version of overt theft,” while adding that the proposed bill shall “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use.”
As of now, we cannot say how the bill will be received and whether it passes in the near future or will become subject to further scrutiny. However, the bottom line is that such a bill would greatly help protect the funds of any crypto holder.