KEEP YOUR COINS ACT BILL PASSED BY US HOUSE COMMITTEE TO PROTECT RIGHT TO SELF-CUSTODY CRYPTO 31st of July , 2023
The United States (US) House Committee on financial services has passed a 'keep your coins' bill in other to protect the right to self-custody crypto. The aim of the bill is to “ensure that consumers are allowed to maintain custody of their digital assets in self-hosted wallets” . According to the context of the bill, it 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,”
There have been a huge dispute on who owns custody of crypto wallet assets. Congressman Warren Davidson who introduced the bill highlighted that “Those attacking self-custody oppose individual freedom". He also made emphasis that "they want someone they control to control your assets.”
In the growing Bitcoin price uncertainty in 2023, regulatory agencies have been looking for ways to safe guard investors assets in an event of bankruptcy or related financial obligation. This bill gives crypto owners the freedom to use his/her virtual currency without any restriction.