Share this article
US Bill Seeks to Protect Unhosted Crypto Wallets From Regulators
Rep. Warren Davidson (R-OH), a member of the Blockchain Caucus, introduced the bill on Tuesday.
By Brandy Betz
Updated May 11, 2023, 6:27 p.m. Published Feb 15, 2022, 9:40 p.m.
Make us preferred on Google
A U.S. bill seeks to prevent government agencies from limiting a person’s use of self-hosted cryptocurrency wallets, a technology that has been in the crosshairs of regulators over the past year. A copy of the bill was provided to CoinDesk.
- The bill was introduced on Feb. 15 by Rep. Warren Davidson (R-Ohio), a member of the Blockchain Caucus, and would ban agencies from “restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and other purposes.”
- The legislation also prevents agencies from prohibiting users from “conducting transactions through a self-hosted wallet.”
- Self-hosted or unhosted crypto wallets have been targeted by U.S. regulations over the course of the past year.
- In late 2020, the U.S. Treasury Department proposed a controversial rule that would require crypto exchanges to collect personal details, including names and home addresses, from users wanting to transfer their cryptocurrency into a private wallet.
- The unhosted crypto wallet rule was driven by then-Treasury Secretary Steven Mnuchin, since succeeded by Janet Yellen, though she hasn’t killed the possibility of the rule being implemented.
STORY CONTINUES BELOW
Read more: A Crypto Wallet by Any Other Name…
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Senate Agriculture panel delays market structure hearing to Thursday after winter storm
The Senate Agriculture Committee pushed its planned markup hearing, where lawmakers would debate and vote on its market structure bill, to Thursday morning.
What to know:
- The Senate Agriculture Committee postponed its crypto market structure markup hearing from Tuesday to Thursday, citing the winter storm which hit much of the U.S. over the weekend.
- The committee will debate and vote on the bill and proposed amendments to it during the hearing.
- The SEC and CFTC similarly postponed a joint appearance by its chiefs from Tuesday to Thursday.
Top Stories
