{"id":15727,"date":"2022-12-22T05:12:27","date_gmt":"2022-12-22T05:12:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-self-custody-is-antidote-to-ftx-fraud-keep-your-coins-act-will-protect-self-hosted-wallets-regulation-bitcoin-news\/"},"modified":"2022-12-22T05:12:27","modified_gmt":"2022-12-22T05:12:27","slug":"crypto-self-custody-is-antidote-to-ftx-fraud-keep-your-coins-act-will-protect-self-hosted-wallets-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-self-custody-is-antidote-to-ftx-fraud-keep-your-coins-act-will-protect-self-hosted-wallets-regulation-bitcoin-news\/","title":{"rendered":"Crypto Self-Custody Is Antidote to FTX Fraud \u2014 ‘Keep Your Coins Act’ Will Protect Self-Hosted Wallets \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies as the antidote to crypto exchange FTX\u2019s fraud. He is pushing for his bill called \u201cKeep Your Coins Act,\u201d which aims to \u201cprotect self-custody from misguided attempts to restrict it.\u201d<\/strong><\/p>\n

U.S. Lawmaker Pushes for Self-Custody<\/h2>\n

Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted Wednesday:<\/p>\n

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Self-custody is the antidote to FTX\u2019s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it.<\/p>\n<\/blockquote>\n

\u201cAnyone attacking self-custody is telling you they oppose individual freedom,\u201d the lawmaker added.<\/p>\n

Responding to a question on Twitter about why new laws are needed if people can already self custody today, the congressman replied:<\/p>\n

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Current and previous Treasury secretaries have discussed banning what they call \u2018self-hosted wallets\u2019 \u2014 self-custody. Senator Elizabeth Warren and numerous other members of Congress have proposed bans. We need to positively protect it to defend freedom \u2014 like the Bill of Rights.<\/p>\n<\/blockquote>\n

The congressman from Ohio announced his \u201cKeep Your Coins Act<\/a>\u201d in February. Noting that the bill seeks to \u201cpreserve Americans\u2019 right to privacy in transacting with crypto assets,\u201d the lawmaker explained at the time that \u201cSpecifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person\u2019s ability to act as self-custodian.\u201d<\/p>\n

Senator Elizabeth Warren unveiled<\/a> a bill titled \u201cDigital Asset Anti-Money Laundering Act\u201d last week. According to crypto advocates, it is \u201cthe most direct attack on the personal freedom and privacy of cryptocurrency users and developers we\u2019ve yet seen.\u201d<\/p>\n

Last week, Davidson said he believes former FTX CEO Sam Bankman-Fried (SBF) was arrested before the House and Senate hearings<\/a> took place because the Securities and Exchange Commission (SEC) and other regulators \u201cdid not want to give Congress an opportunity to ask SBF about their failed oversight.\u201d<\/p>\n

One lawmaker who recently suggested that crypto could be banned<\/a> is Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and Urban Affairs Committee. However, he acknowledged that banning crypto \u201cis very difficult because it will go offshore and who knows how that will work.\u201d<\/p>\n

Commenting on Senator Brown\u2019s banning crypto suggestion, Rep. Davidson tweeted:<\/p>\n

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Ohio needs a new Senator, the Senate Banking Committee needs a new Chairman, and Congress needs to understand its failure to act is actively exposing consumers, investors, and innovators to avoidable risk.<\/p>\n<\/blockquote>\n

Senator Pat Toomey (R-PA), ranking member of the Senate Banking Committee, concurred with Davidson. He has stressed<\/a> that the idea of banning crypto is \u201cprofoundly misguided, not to mention impossible.\u201d The senator from Pennsylvania emphasized: \u201cShort of enacting draconian, authoritarian policies, cryptocurrency cannot be stopped. If we tried, the technology would simply migrate offshore.\u201d<\/p>\n

What do you think about the comments by Congressman Warren Davidson about the self-custody of cryptocurrencies? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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