This week several digital asset bills were debated in the U.S. Congress. One that goes to the heart of the very nature of crypto and permissionless blockchains is the “Keep your Coins Act”, which aims to prevent the government from restricting self hosted wallets. While the Act progressed to the next stage yesterday, it is yet another issue that divides along party lines.
The Democrats see self hosted wallets as aiding tax evaders, money launderers, drug traffickers and other criminals. Republicans believe self custody preserves basic freedoms in a digital world.
“You’re still permitted to have a safe deposit box. You’re still permitted to have a safe at home with your valuables,” said the Chair of the U.S. House Financial Services Committee, Patrick McHenry. “What Mr Davidson sees is that the digital format still needs those protections.”
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