The US House Financial Services Committee has passed a bill protecting the right to crypto-self-custody. Indeed, the legislation is set to protect the self-custody of digital assets in the United States, in what could be a landmark development for the industry.
Named the “Keep Your Coins Act of 2023,” the legislation was brought forth by Republican congressman Warren Davidson. Moreover, H.R. 4841 ensures that investors are able to maintain custody of their own cryptocurrency in their own wallets.
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US Committee Passes Important Crypto Bill
The regulatory landscape for digital assets in the United States has certainly been inconsistent. The US Securities and Exchange Commission (SEC) has embraced enforcement-first action, which has seen it enact lawsuits against some of the largest cryptocurrency exchanges on the planet. However, a US committee has taken steps in the right direction today.
Indeed, the US House Financial Services Committee has passed a bill protecting the right to crypto self-custody. Moreover, the landmark bill was a key moment in allowing consumers to protect themselves against the centralization risks that the market possesses.
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Warren Davidson, who introduced the bill, spoke about its passing in a recent Tweet. Specifically, he said, “Those attacking self-custody oppose individual freedom. They want someone they control to control your assets.”
The Financial Services Committee noted that the legislation addressed “one of the key risks identified by the FTX Failure.” Specifically, in allowing investors the right to maintain control of their own cryptocurrency. The bill states the clear prohibition of 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.”
The legislation passing certainly does point the industry forward in the US. Additionally, the US House Financial Services Committee accounted for a plethora of similar bills being passed on Thursday. Including the Clarity for Payment Stablecoins Act of 2023.