Miguel Lopez The US House Committee on Financial Services has successfully advanced the Keep Your Coins Act of 2023, aimed at safeguarding individuals’ right to self-custody their cryptocurrency. Congressman Warren Davidson, the bill’s sponsor, emphasized that those who oppose self-custody are essentially against individual freedom, as they seek to exert control over others’ assets.
The bill, officially known as H.R. 4841, ensures that consumers can maintain custody of their digital assets using self-hosted wallets. It specifically prohibits federal agencies from restricting the use of convertible virtual currency for personal transactions and endeavors to protect a person’s ability to self-custody digital assets for lawful purposes.
The move has garnered significant support on social media, with many people expressing gratitude to Congressman Davidson for championing the cause of self-custody. He has been praised as a leading advocate for individual financial freedom and privacy.
In addition to the Keep Your Coins Act, the committee also passed three other crypto-related bills, namely the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Clarity for Payment Stablecoins Act.
The advancement of the Keep Your Coins Act of 2023 and the other crypto-related bills signifies a significant step by US lawmakers in addressing the growing importance and complexities of cryptocurrency in today’s financial landscape.
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Frequently Asked Questions (FAQs) about cryptocurrency legislation
What is the Keep Your Coins Act of 2023?
The Keep Your Coins Act of 2023 is a piece of legislation passed by the U.S. House Committee on Financial Services. It aims to protect the right of individuals to self-custody their cryptocurrency assets.
Who introduced the Keep Your Coins Act?
The bill was introduced by Congressman Warren Davidson, representing Ohio’s 8th congressional district.
What does the Keep Your Coins Act prohibit?
The Act prohibits federal agencies from restricting the use of convertible virtual currency for personal transactions. It also ensures that individuals can self-custody their digital assets using self-hosted wallets for any lawful purpose.
What other bills were passed by the US House Committee on Financial Services?
In addition to the Keep Your Coins Act of 2023, the committee passed three other crypto-related bills: the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Clarity for Payment Stablecoins Act.
What is the significance of the Keep Your Coins Act?
The Act holds significance as it addresses the fundamental issues of individual financial freedom and privacy in the context of cryptocurrency. It seeks to protect users’ rights and control over their own digital assets, promoting a more secure and decentralized financial landscape.
More about cryptocurrency legislation
- “US House Committee Passes ‘Keep Your Coins Act’ to Protect Right to Self-Custody Crypto” (source: Bitcoin.com) Link
- “H.R. 4841 – Keep Your Coins Act of 2023” (source: Congress.gov) Link
- “Congressman Warren Davidson’s Tweet on the Keep Your Coins Act” Link
- “Coinbase’s Chief Policy Officer’s Opinion on Rep. Warren Davidson’s Bill” Link
- “Financial Innovation and Technology (FIT) for the 21st Century Act” (source: Congress.gov) Link
- “Blockchain Regulatory Certainty Act” (source: Congress.gov) Link
- “Clarity for Payment Stablecoins Act” (source: Congress.gov) Link
5 comments
more bills like FIT 4 the 21st century, blockchain reg certainty, clarity 4 payment stablecoins, way to go! crypto innovation must thrive!
us lawmakers advancing keep your coins act is gr8 news for crypto fans! finally some freedom and privacy in finance, thx warren davidson!
congressman davidson ftw! thx for defending our rights, keep your coins act is a step in the right direction, bring on more crypto freedom!
luv the idea of self-custody, no one should control my coins, go H.R. 4841! crypto regulations need balance, glad to see progress in US!
keep your coins act is super cool, it protect self-custody for crypto assets, yay! congressman davidson rocks!