US Congressman expresses importance of crypto wallet privacy

At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside United States Senator Cynthia Lummis, sat down to field interview questions. The interview took a turn toward privacy, with Davidson responding with comments on crypto 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 mentioned, December 2020 saw the U.S. Treasury suggest strict overwatch on self-custodied digital asset wallets, with certain specifics, such as calling for more information from users transacting with wallets held away 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.

Taking her turn at a response, Lummis noted the importance of teaching U.S. government folks on Bitcoin. “We’re trying to create a financial innovation caucus so we can use it to educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar,” she said. “It can be the underlying network, worldwide, to keep the dollar the global reserve currency, but still allow people to transact in a very freedom-loving way,” she said, 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 seen soaring levels of inflation amid a broad economic decline that was partially tied to the oil-price collapse of 2014.

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