Congressmen advise the Treasury to back off the alleged ban on self-hosted wallets

Spread the love

Congressman Davidson, in particular, sees potential Treasury action as a bad idea for everybody involved.

Several members of Congress have voiced opposition to a rumored blockade on self-hosted crypto wallets in the works at the U.S. Treasury.

In a Dec. 9 letter addressed to Treasury Secretary Mnuchin, four members of the Congressional Blockchain Caucus wanted answers for rumored Treasury rulemaking that would restrict self-hosted wallet usage in the U.S.

The authors — Warren Davidson, Tom Emmer, Ted Budd and Scott Perry — argue that such limitations:

“Would hinder American leadership and preclude meaningful participation in the technological innovation currently underway throughout the global financial system.”

Speaking to Cointelegraph, Davidson noted that Treasury rulemaking is likely more dangerous than last week’s STABLE Act, that seeks to lock down on independent operators of stablecoins. The Ohian congressman said: “Mnuchin actually has a lot of power to make policy through rulemaking, so that’s actually more pressing.”

Davidson continued to argue in favor of the benefits of self-hosting and P2P:

“The real issue is, self-hosted wallets are useful for all sorts of potential blockchain applications. So the ability to move a token without an intermediary is an essential element of true blockchain. If you look at a frictionless system, part of the Bitcoin whitepaper that made blockchain famous and growing as a technology is the ability to do something peer-to-peer. It’s a core tenet of the technology.”

Today’s letter argues that crypto technology is actually helpful for law enforcement looking to trace illicit usage:

“Such a regulation could actually undermine the Treasury Department from stopping illicit actors from exploiting the financial system, both within the traditional banking system and the digital asset ecosystem.”

 315 Interactions,  4 today

Trump’s former economic adviser on why Bitcoin is not a “trustworthy store of value.”

On its way down, the price of Bitcoin sometimes encounters several bearish sentiments arguing that the currency should not have Read more

XRP holders denied participation as third-party claimant in the Ripple-SEC lawsuit.

The judge presiding over the SEC-Ripple case has rejected the assets holders' request to appear as third-party claimants in the Read more

Over $40b in stimulus payments likely to end up invested on Bitcoin.

Following the approval of the trillion-dollar stimulus programme by US officials, many Americans got their own stimulus checks. According to Read more

According to Coin Centre, the proposed FinCEN law is a “grave danger to personal privacy.”

The advocacy group takes aim at the new obligation to produce currency transaction reports for crypto transactions in its most Read more

Floyd Mayweather-promoted ICO’s Co-founder jailed for 8 years .

The co-founder of the fraudulent 2017 ICO Centra Tech was sentenced to eight years in prison for his role in Read more

BitGo is granted a confidence licence by New York regulators

Goldman Sachs-backed crypto custodian BitGo has secured a licence from the New York Trust to act as an independent custodian Read more

Ripple is loyal to San Francisco, said co-founder Chris Larsen.

In October last year, Chris Larsen, co-founder of Ripple, said that the company would consider moving to other countries, citing Read more

Yellen’s criticism of Bitcoin dismissed by Miami Mayor

Miami and Mayor Francis Suarez have worked over the last few weeks and months to position the city as the Read more

US judge dismisses the case of crypto fraud against the BNT token issuer.

The U.S. Federal Judge ruled that the case against the crypto corporation Bancor had been dismissed, citing the lack of Read more

Leave a Reply

Contact Us