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Bitcoin And Crypto: US House Committee Passes Bill To Protect Self-Custody

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In a groundbreaking development, the U.S. House Financial Services Committee has just passed the “Keep Your Coins Act of 2023,” a landmark bill advocating for the right to self-custody Bitcoin and other cryptocurrencies. The bill aims to ensure that individuals and businesses can store and manage their own digital assets securely, without unnecessary third-party involvement.

Bitcoin And Crypto Self-Custody Bill Passes

The bill’s primary objective is to prohibit Federal agencies from restricting the use of convertible virtual currency by a person for their own purposes, such as purchasing goods and services, and conducting transactions for any lawful purpose. The legislation also protects the right to self-custody digital assets using a self-hosted wallet or other secure means.

Republican Warren Davidson, the representative who introduced the bill, expressed his enthusiasm for the protection of self-custody rights. He stated via Twitter, “Last night, the ⁦Financial Committee⁩ passed my bill to protect self-custody. Those attacking self-custody oppose individual freedom. They want someone they control to control your assets. Defend Freedom.”

JUST IN: US House Financial Services Committee just passed a bill to protect the right to self-custody #Bitcoin and crypto! pic.twitter.com/0p7Wc42RAD

— Jake Simmons (@realJakeSimmons) July 28, 2023

The bill defines “convertible virtual currency” as a medium of exchange with an equivalent value as currency or one that acts as a substitute for currency but may not possess all the attributes of legal tender status. It also defines a “covered user” as any person who obtains convertible virtual currency to purchase goods or services on their own behalf, regardless of how they acquired the virtual currency.

Furthermore, the bill protects the use of self-hosted wallets, which are digital interf

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Author: Jake Simmons

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