During the Miami Bitcoin 2021 conference, Congressman Warren Davidson and US Senator Cynthia Lummis, reportedly shared their remarks on the importance of Bitcoin and crypto wallet privacy. 

Specifically, Davidson reportedly referred to a development in December last year, when the U.S. Treasury put up a suggestion for a tighter grip on self-custodied virtual asset wallets, with particular details, nominally demands for additional data on users’ transactions, with wallets held away from crypto exchanges.

“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets. That’s a horrible approach. If we don’t protect private wallets, someone is going to try to ban them.” He further remarked, regarding the problem of over-regulation in the sector. 

Davidson additionally hoped the nation would employ a more serious stance regarding the risk to crypto privacy, the same way it does for the second amendment – a law granting gun ownership rights. 

As for Lummis, she believed in the essential nature of equipping the US authorities with sufficient knowledge about Bitcoin. 

“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”. 

She reportedly claimed Bitcoin can function as an “underlying network” throughout the globe, to maintain the current position of the US dollar as the world’s reserve currency, but still offers individuals freedom for transactions. 

“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.”