U.S. Congressman Warren Davidson (R-OH) presented rules entitled the “Reduction Your Coins Act” this morning. This comes in the wake of mounting concerns over crackdowns on civil liberties in Canada, as interior most firms and the Canadian executive leverage take a watch on of the legacy monetary plan to disrupt ongoing protests over COVID-19 policies.
If passed, the bill would forestall any agency head from prohibiting or otherwise restricting “the flexibility of a covered person to— (1) dispute digital currency or its identical for such person’s dangle purposes, such as to cast off right or digital goods and services and products for the person’s dangle dispute; or (2) behavior transactions via a self-hosted pockets.”
Bitcoin Journal sat down with Congressman Davidson to focus on the bill:
I know self-custody has been on your mind for a whereas now. What prompted today’s transfer?
We began working on the textual roar after it used to be apparent that Secretary Yellen would resurrect the bother to limit self-custody. If they can’t discontinuance crypto, they must capture a witness at to transfer it to an chronicle-based fully mostly plan.
What does the bill enact?
It takes the FinCen language that’s been available for a whereas now and affords a framework for KYC that protects self-custody.
This feels timely, especially after the Canadian executive has doubled-down on restricting the funding for and monetary institution accounts of the protesters there. To your mind, what’s the relationship between self-custody and free speech?
Folk are talking about [free speech] with the trucker convoy. If this [protest] came about in The United States, some would be cheering, some would be upset. My point is that it wants to be even-handed. We mustn’t dispute money as a manner of controlling other folks. Obviously if there’s prison dispute, you must tranquil stir after that. However imagine if the identical part had been done to a crowdfunded BLM motion. That wouldn’t be okay. It’s no longer okay with the Freedom Convoy, both.
What can Bitcoin Journal readers enact to wait on this bill pass?
If other folks look at this bill and enhance it, they can contact their representatives in Congress and the Senate and wait on them to enact the identical. With any luck we develop momentum impulsively and join it to must-pass rules.
