On Thursday, the U.S. House Committee on Financial Services made significant strides in safeguarding individual financial freedom by passing the Keep Your Coins Act of 2023 (H.R. 4841).
The bill, championed by Rep. Warren Davidson (R-OH), seeks to ensure that consumers retain full control of their digital assets in self-hosted wallets.
The core objective of the Keep Your Coins Act of 2023 is to prohibit federal agencies from restricting the use of convertible virtual currency for personal transactions, allowing individuals to purchase goods and services freely.
The bill also enforces that federal agencies cannot interfere with an individual’s ability to self-custody their digital assets using self-hosted wallets or any other lawful means for conducting transactions.
Congressman Davidson expressed his enthusiasm for the bill’s approval through a tweet on Friday, emphasizing that protecting self-custody is synonymous with upholding individual freedom.
He criticized those who oppose self-custody, accusing them of seeking to control people’s assets and curtail their financial autonomy.
The crypto community and advocates of individual financial rights celebrated the passage of the Keep Your Coins Act of 2023.
Among them, lawyer John E. Deaton commended Rep. Davidson for being a leading advocate of self-custody and protecting people’s fundamental rights to financial independence.
Faryar Shirzad, Coinbase’s chief policy officer, praised the Congressman’s advocacy, highlighting the significance of the debate surrounding the bill. Shirzad pointed out that Rep. Davidson effectively raised crucial questions about the relationship between individuals and the state, emphasizing the importance of public policy that respects personal privacy and refrains from the presumption of surveillance.
In addition to the Keep Your Coins Act of 2023, the U.S. House Committee on Financial Services passed three other crypto-related bills in the same week.
These include the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Clarity for Payment Stablecoins Act.
The passing of these bills represents a significant step forward for the cryptocurrency industry and its regulation in the United States. With the Keep Your Coins Act at its forefront, individuals’ financial freedom and autonomy in managing their digital assets are given paramount importance, solidifying the nation’s commitment to a thriving and free financial ecosystem.