US House Committee Passes ‘Keep Your Coins Act’ to Protect Right to Self-Custody Crypto

US House Committee Passes 'Keep Your Coins Act' to Protect Right to Self-Custody Crypto

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023 to protect the self-custody of crypto. “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets,” said Congressman Warren Davidson who introduced the bill.

Keep Your Coins Act of 2023 Advances

The U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841) on Thursday. The bill, sponsored by Rep. Warren Davidson (R-OH), “would ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets,” ⁦the committee described.

Congressman Davidson tweeted Friday:

Last night, U.S. House Committee on Financial Services⁩ 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.

Keep Your Coins Act of 2023 prohibits federal agencies “from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes,” according to the text of the bill.

In addition, federal agencies may not prohibit, restrict, or otherwise impair a person’s ability to “self-custody digital assets using a self-hosted wallet or other means to conduct transactions for any lawful purpose,” the bill adds.

Many people took to Twitter to thank Congressman Davidson for protecting self-custody. Rep. Davidson “is America’s NUMBER ONE protector of self-custody and a person’s fundamental right to individual financial freedom,” lawyer John E. Deaton wrote.

“The debate on Rep. Warren Davidson’s self-custody bill was important. He speaks powerfully about foundational questions regarding the relationship of the individual & the state & why public policy shouldn’t begin with a presumption of surveillance. We are lucky to have his leadership,” Coinbase’s chief policy officer, Faryar Shirzad, opined.

Besides the Keep Your Coins Act of 2023, the U.S. House Committee on Financial Services also passed three other crypto-related bills this week. They are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Clarity for Payment Stablecoins Act.

What do you think about U.S. lawmakers advancing the Keep Your Coins Act of 2023? Let us know in the comments section below.



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