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

The U.S. House Committee connected Financial Services has passed the Keep Your Coins Act of 2023 to support the self-custody of crypto. “Those attacking self-custody reason idiosyncratic freedom. They privation idiosyncratic they power to power your assets,” said Congressman Warren Davidson who introduced the bill.

Keep Your Coins Act of 2023 Advances

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

Congressman Davidson tweeted Friday:

Last night, U.S. House Committee connected Financial Services⁩ passed my measure to support self-custody. Those attacking self-custody reason idiosyncratic freedom. They privation idiosyncratic they power to power your assets. Defend Freedom.

Keep Your Coins Act of 2023 prohibits national agencies “from restricting the usage of convertible virtual currency by a idiosyncratic to acquisition goods oregon services for the person’s ain use, and for different purposes,” according to the substance of the bill.

In addition, national agencies whitethorn not prohibit, restrict, oregon different impair a person’s quality to “self-custody integer assets utilizing a self-hosted wallet oregon different means to behaviour transactions for immoderate lawful purpose,” the measure adds.

Many radical took to Twitter to convey Congressman Davidson for protecting self-custody. Rep. Davidson “is America’s NUMBER ONE protector of self-custody and a person’s cardinal close to idiosyncratic fiscal freedom,” lawyer John E. Deaton wrote.

“The statement connected Rep. Warren Davidson’s self-custody measure was important. He speaks powerfully astir foundational questions regarding the narration of the idiosyncratic & the authorities & wherefore nationalist argumentation shouldn’t statesman with a presumption of surveillance. We are fortunate to person his leadership,” Coinbase’s main argumentation officer, Faryar Shirzad, opined.

Besides the Keep Your Coins Act of 2023, the U.S. House Committee connected Financial Services besides passed 3 different 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 bash you deliberation astir U.S. lawmakers advancing the Keep Your Coins Act of 2023? Let america cognize successful the comments conception below.