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During the Bitcoin 2021 conference in Miami, Congressman Warren Davidson sat down together with United States Senator Cynthia Lummis, to answer some questions. On the topic of privacy, Davidson felt obliged to respond.
“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said when he was asked if there can be such thing as over-regulation. He was referring to December 2020 when the U.S. Treasury was considering tighter control on self-custodied digital asset wallets. Some of the suggested control measures are additional information from users transacting with wallets not held on crypto exchanges.
Davidson continued and said:
“That’s a horrible approach. If we don’t protect private wallets, someone is going to try to ban them.”
He then made a comparison with the second amendment of the U.S. Constitution which allows citizens gun ownership:
“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment.”
Senator Lummis made use of her speaking time by noting the importance of educating U.S. government officials on Bitcoin. She said:
“We’re trying to create a financial innovation caucus so we can use it to educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar.”
“It can be the underlying network, worldwide, to keep the dollar the global reserve currency, but still allow people to transact in a very freedom-loving way.”
She added:
“It is important to have Bitcoin underpinning the U.S. dollar, as a store of value, the way gold used to be.”
Lummis then provided the case of Venezuela as an example as the country has seen surging levels of inflation amid economic decline which was largely tied to the oil-price collapse of 2014.
“Whether you’re in Venezuela, where the inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through Bitcoin. And, the United States, if we get to the point where we’re experiencing the kind of inflation we’ve begun to see this year, we may want that alternative as well.”
The Wyoming senator then concluded by commenting on the endless money printing of the U.S. government:
“It’s anti-American to destroy our currency.”
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Shortly after her appearance on stage at the conference, Lummis requested her Twitter followers to share some of their success stories and other concerns, for her to share with her fellow senators.
The Bitcoin 2021 conference in Miami will continue for a second day on Saturday.