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US members of Congress demand answers from Mnuchin over self-hosted crypto wallets rumours

US members of Congress demand answers from Mnuchin over self-hosted crypto wallets rumours

Quick Take

1 minute read

  • Members of Congress have given their opinions on the rumoured blockade on self-hosted crypto wallets that is supposedly being looked at by the US Treasury. 
  • Warren Davidson, Scott Perry, Ted Budd and Tom Emmer are the authors of a letter addressed to Secretary Mnuchin on the 9th of December. 

Members of Congress in the United States have given their opinions on the rumoured blockade on self-hosted crypto wallets that is supposedly being looked at by the US Treasury. 

Warren Davidson, Scott Perry, Ted Budd and Tom Emmer are the authors of a letter addressed to the Treasury Secretary Mnuchin on the 9th of December. The four members of the congressional blockchain caucus demanded answers on the rumours that the Treasury is set to implement a restriction on self-hosted wallets in the country.

The four said in the note:

"Would hinder American leadership and preclude meaningful participation in the technological innovation currently underway throughout the global financial system."

Specifically, Davidson has highlighted that Treasury rule-making is a lot more dangerous than the recent STABLE act that intends to lockdown on independent operators of stablecoin cryptocurrencies. He added:

“Mnuchin actually has a lot of power to make policy through rulemaking, so that’s actually more pressing.” 

There are numerous benefits to self-hosting and peer to peer systems as Davidson argued:

“The real issue is, self-hosted wallets are useful for all sorts of potential blockchain applications. So the ability to move a token without an intermediary is an essential element of true blockchain. If you look at a frictionless system, part of the Bitcoin whitepaper that made blockchain famous and growing as a technology is the ability to do something peer-to-peer. It’s a core tenet of the technology.”

For more news on this and other crypto updates, keep it with CryptoDaily!

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