US Congress Proposes to Protect Non-custodial Storage of Cryptos

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Member of the US House of Representatives Warren Davidson has introduced a bill that aims to protect private digital wallets from the control of government agencies.

The document aims to “prohibit federal agencies from using convertible virtual currency to purchase goods or services for personal use, as well as conducting transactions through a personal non-custodial wallet.”

The congressman took the initiative the day after the government of Canada enforced the Emergency Act. The document gave the authorities the right to freeze bank accounts and monitor large transactions (including cryptocurrencies transactions) without a court order.

At the end of 2020, the US Treasury proposed mandatory verification of users of non-custodial cryptocurrency wallets.

The Biden administration initially put the initiative on hold in January 2021. However, a year later it became known the department returned the proposal to the semi-annual work plan.

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