US Congressman stresses the importance of privacy of crypto wallets


At the busy Bitcoin 2021 conference in Miami, Congressman Warren Davidson sat down with U.S. Senator Cynthia Lummis to ask interview questions. The interview turned towards privacy, and Davidson responded with comments on crypto wallets.

“At the end of the year, when you think about it, Secretary of State Mnuchin spoke about banning private purses,” Davidson replied to a question about the possibility of overregulation in crypto. “That’s a terrible approach,” he added. “If we don’t protect private wallets, someone will try to ban them.”

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As Davidson noted, the U.S. Treasury Department proposed strict surveillance of self-custody digital asset wallets in December 2020, with certain specifics, such as requiring more information from users transacting wallets that are kept away from crypto exchanges.

“I wish the country would take the privacy threat as seriously as the threat of the second amendment,” he said. The second amendment to the US Constitution gives citizens the right to own guns.

Lummis took her answer and pointed out the importance of educating the US government about Bitcoin. “We are trying to create a financial innovation caucus so that we can educate members of the US Senate and their staff about Bitcoin, its benefits and why it is so great to interlock with the US dollar,” she said. “It can be the underlying network worldwide to hold the dollar as a global reserve currency, but still allow people to do business in a very freedom-loving way,” she said, adding:

“Whether you are in Venezuela, where inflation is outrageous, and you are trying to get your fortune out of the country, you can get it out of Bitcoin. And the United States, when we get to the point where we’re experiencing the kind of inflation we’ve started to see this year, maybe we want that alternative too. ”

In recent years, Venezuela has seen rapid inflation amid broad economic decline, partly related to the 2014 oil price slump.

The Bitcoin 2021 conference in Miami has so far hosted significant promotions in terms of speakers and discussions. The event will continue on a second day on Saturday.