U.S. House of Representatives Warren Davidson has introduced a bill to prevent the use of personal crypto wallets from being restricted.
Davidson, a member of Congress’s blockchain group, introduced a bill on Tuesday aimed at protecting crypto wallets from regulators. The bill aims to prevent regulators from “restricting the use of convertible virtual currencies to purchase goods or services for oneself and for other purposes.” The legislation also prevents institutions from banning “transactions through individuals’ personal wallets.”
As is known, personal wallets have been the target of regulatory agencies since last year. In late 2020, the US Treasury Department proposed a rule that required crypto-asset trading platforms to collect personal information, including names and home addresses, from users who want to withdraw their cryptocurrencies to a personal wallet, and this rule created a lot of controversy. The rule was proposed by former Treasury Secretary Steven Mnuchin, but current US Treasury Secretary Yellen did not completely rule out this possibility.
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