According to Ledger Insights, Brad Sherman, a Democratic congressman and chairman of the U.S. House of Representatives Financial Services Capital Markets and Investor Protection Subcommittee, said that crypto self-custodial wallets are similar to bearer bonds banned in the United States in the 1980s and are prone to facilitating criminal activities. He added that these non-custodial wallets would be a perfect way to make illegal campaign contributions without the knowledge of the recipients of the donations.
Other Democrats, including Ranking Member Maxine Waters, expressed similar views. Maxine Waters said, "In some cases, these self-hosted software are not much different from money in a wallet or briefcase. These wallets can also store and instantly transfer tens of millions of dollars."