An antidote to FTX fraud?  Warren Davidson found it!

Self-hosting cryptocurrencies is strongly advocated by US Congressman Warren Davidson. He presents it as the cure for the FTX fraud. To this end, he is promoting his proposed Keep Your Coins Act, which intends “defend self-hosting against any attempt to restrict it”.

Warren Davidson backs crypto-asset self-protection

In February, the deputy from Ohio unveiled his “Keep Your Coins Act” bill. At the time, the legislator declared that his bill was aimed at protecting consumer rights. Thus, this is a law that would prevent any federal agency from issuing a rule that interfered with a person’s ability to operate as a self-host. In other words, the bill intends “preserving Americans’ right to privacy in their transactions with crypto assets. »

Last week, Senator Elizabeth Warren introduced anti-digital asset laundering legislation. For cryptocurrency advocates, such legislation poses a threat to the crypto universe. For them, it is “the most direct attack on the individual freedom and privacy of cryptocurrency users and developers. »

Towards a ban on cryptocurrencies

Senate Banking, Housing, and Urban Affairs Committee Chairman Sen. Sherrod Brown (D-Ohio) recently hinted that cryptocurrencies could be banned. However, he was quick to warn that banning cryptocurrencies would be extremely difficult. Indeed, they could continue to operate abroad and no one knows how this could end.

In a tweet, Rep. Davidson made it clear that he disagreed with Senator Brown’s proposal to ban cryptocurrencies. For him, Ohio needs a new senator and the Senate Banking Committee needs a new chairman. He adds that it’s time for Congress to realize that its inaction is actively exposing consumers, investors and innovators to unnecessary risk.

Sen. Pat Toomey (R-PA), a member of the Senate Banking Committee, agrees with Warren Davidson. In particular, he points out that banning cryptocurrencies would be “a big mistake, if not impossible. According to the senator from Pennsylvania, cryptocurrencies cannot be subject to a prohibition law. Like his fellow senators, he fears the technology will migrate overseas if such a step is taken.

In sum, the cryptocurrency industry has reached such a level that any ban attempt would be futile. Instead, legislators should consider regulatory measures.

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