A US Congressman emphasises the need of crypto wallet privacy.

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During an interview at Bitcoin 2021 in Miami, Cynthia Lummis and Warren Davidson discuss the value of Bitcoin and personal privacy.

Congressman Warren Davidson and United States Senator Cynthia Lummis sat down to take interview questions at the frantic Bitcoin 2021 conference in Miami. The conversation shifted to privacy, with Davidson reacting with comments about cryptocurrency wallets.

“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said, responding to a question about the possibility of over-regulation in crypto. “That’s a horrible approach,” he added. “If we don’t protect private wallets, someone is going to try to ban them.”

As Davidson said, the U.S. Treasury proposed stringent oversight on self-custodied digital asset wallets in December 2020, with specifics such as requiring additional information from customers interacting with wallets stored apart from crypto exchanges.

“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment,” he said. The second amendment of the U.S. Constitution gives citizens gun ownership rights.

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Lummis, in her turn to respond, emphasised the necessity of training U.S. government officials about Bitcoin. “We’re attempting to establish a financial innovation caucus so that we can use it to educate members of the United States Senate and their staffs about Bitcoin, its benefits, and why it is such a fantastic asset to dovetail with the United States dollar,” she explained. “It can be the underlying network, globally, to keep the dollar as the global reserve currency while still allowing people to transact in a very free-loving manner,” she stated, adding:

“Whether you’re in Venezuela, where the inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through Bitcoin. And, the United States, if we get to the point where we’re experiencing the kind of inflation we’ve begun to see this year, we may want that alternative as well.”

In recent years, Venezuela has experienced increasing inflation as part of a broader economic slump, which has been linked in part to the 2014 oil-price crash.

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So far, the Bitcoin 2021 conference in Miami has seen a lot of movement in terms of speakers and debates. On Saturday, the festival will continue for a second day.

 

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