He stated that it was done inorder to “preserve Americans’ right to privacy in transacting with cryptoassets.” The lawmaker says, “This legislation would prohibit any federal agencyfrom promulgating a rule that would impair a person’s ability to act asself-custodian.”
“A person would then be able to conduct peer-to-peertransactions with their crypto assets without the need to utilize a third-partyintermediary,” the announcement continues. “This would essentially cut out anyneed for a financial institution or money service business to facilitate atransaction.”
He also detailed: “As the federal government seeks moreregulation of the crypto ecosystem, it seeks to impose more surveillance overAmerican citizens. It’s vital that we preserve the attributes of cashtransactions by protecting the decentralized nature of cash.” RepresentativeDavidson stressed:
“No third partyshould be required for two people (or companies) to use money as a means ofexchange, store of value, and record of account. This bill ensures thatindividuals will always have the ability to transact without anyintermediaries.”
Davidson announced his intention to launch the bill Tuesdayafter Canadian Prime Minister Justin Trudeau invoked the EmergenciesAct. One of the measures afforded by the Canadian act is for banks andfinancial service providers to be able to “immediately freeze orsuspend the account of an individual or business” affiliated with the FreedomConvoy protests without a court order.
Commenting on the Emergencies Act announcement, Davidsontweeted Tuesday: “Our office will be introducing legislation in the U.S. Houseof Representatives shortly to protect Americans from this version of overttheft.”
