US Congressman emphasizes the importance of data protection for crypto wallets

At the crowded conference Bitcoin 2021 in Miami, the congressman Warren Davidson, together with the US Senator, Cynthia Lummis, They sat down to answer the interview questions. The interview turned to privacy, and Davidson responded with comments on cryptocurrency wallets.

“At the end of the year, when you think about it, Foreign Minister Mnuchin spoke about the ban on private purses.” He said Davidson, on a question about the possibility of excessive regulation in the crypto space. “That’s a terrible approach”, added. “If we don’t protect personal wallets, someone will try to ban them.”

As Davidson mentioned, the US Treasury Department became the US Treasury Department in December 2020 suggested strict surveillance of self-custody digital asset wallets with certain specifications, e.g.

US Congressman emphasizes the importance of data protection for crypto wallets
US Congressman emphasizes the importance of data protection for crypto wallets

“I want the country to take the threat to privacy just as seriously as the threat posed by the second amendment to the constitution.” He said. The second amendment to the US Constitution gives citizens the right to own weapons.

Lummis, in turn, pointed out the importance of educating the people of the US government about Bitcoin. “We’re trying to create a financial innovation caucus to educate members of the US Senate and their staff about Bitcoin, its benefits, and why it is such a fabulous advantage to dovetail with the US dollar.” He said. “It can be the underlying network around the world for the dollar to remain the world reserve currency but allow people to act in very free ways.” he said and added:

“If you are in Venezuela, where inflation is outrageous, and you are trying to get your fortune out of the country, Bitcoin can be used to get it out of the country. And in the US, when we get to the point where we can experiencing the kind of inflation we’ve started to see this year, we might want this alternative too. “

In the past few years, Venezuela is seeing soaring inflation rates amid a broad economic decline, partly related to the 2014 drop in oil prices.

The Bitcoin 2021 conference in Miami has So far, hosted an important action in terms of speakers and discussions. The event will continue on a second day on Saturday.

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