
The U.S. House Committee on Financial Services passed a bill on July 28, 2023, that would protect the right of individuals to maintain self-custody of their cryptocurrency. The bill, cited as the “Keep Your Coins Act of 2023” is a significant legislative step towards safeguarding the interests of individuals and businesses using digital assets.
The landmark bill signifies a significant advancement in crypto legislation as it prioritises the privacy and security of virtual currencies and its investors. The bill prohibits federal agencies “from restricting the use of convertible virtual currency by a person for purchasing goods and services for their own use and for other purposes.”
U.S Regulators Pass Bill to Protect Crypto Self-Custody
The U.S. government is adopting a more progressive approach to cryptocurrency regulation. The “Keep Your Coins Act of 2023” would grant individuals the autonomy to store digital assets in their wallets without third-party involvement. This would ensure that users and investors have control over their own money, and would limit the risks associated with centralised, third-party custody.
The bill, H.R. 4841 was introduced by Republican Congressman Warren Davidson, who cited the recent failure of the FTX exchange as a key factor on the importance of self-custody. FTX was a centralised crypto exchange that experienced a liquidity crisis in 2022. During this event, users of FTX were unable to access their funds.
Congressman Warren Davidson took to X (formerly Twitter), to share the news:
“Last night, the 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.”
His tweet was met with positive reviews on social media.
Impacts of the Bill
The passage of the Keep Your Coins Act of 2023 is a positive step for the cryptocurrency industry. It will help protect investors and individuals involved in the crypto space from the risks of centralised custody. The bill also prohibits governmental bodies from interfering with the dynamic and independent functioning of digital assets for legal exchange.
The bill could incentivize centralised cryptocurrency exchanges and wallets to provide clear and transparent information to customers about their services, and privacy practices, which would help to protect investors from fraud and abuse.
Conclusion
The bill marks a significant turning point in cryptocurrency regulation in the U.S. As the industry progresses, it is crucial for cryptocurrency enthusiasts to seize opportunities that allow them to earn and maintain control of their digital assets. The Eo Miner is a tool that empowers users to earn free crypto rewards. With the Eo Miner, individuals can participate in the crypto ecosystem, generating additional income while enjoying the freedom and security of digital assets.
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