US Lawmakers Pass Bill to Protect Citizens Right to Hold Bitcoin
US lawmakers pass 'Keep Your Coins Act,' promoting the right to own and use cryptocurrencies without third-party involvement.
The U.S. House Financial Services Committee has approved a new law called the "Keep Your Coins Act of 2023". This important bill supports the right of people to hold Bitcoin and other cryptocurrencies by themselves, without needing a third party.
The main goal of this bill is to stop Federal agencies from limiting how a person can use their virtual currency, such as buying goods or services, or making transactions for legal purposes. The law also protects the right to hold digital assets in a self-hosted wallet or other secure ways.
Warren Davidson, the Republican who presented the bill, was very happy about the protection of self-custody rights. He said on Twitter, "Last night, the Financial Committee passed my bill to protect self-custody. They want someone they control to control your assets. Defend Freedom."
Also, the law protects the use of self-hosted wallets, which are digital tools used to protect and transfer virtual currency. With this law, the owner of the virtual currency keeps full control over their assets, which means maximum security and independence in managing their crypto holdings.
The approval of this law is a big step towards giving crypto investors and users the trust and freedom to control their own digital assets. By protecting the right to self-custody, the U.S. House Financial Services Committee wants to create a stronger and more decentralized cryptocurrency system, where individuals can use their cryptocurrencies for many purposes, including buying goods and services.
The "Keep Your Coins Act of 2023" will now go through more reviews and possible changes before it can become law.
After the legal fight between Ripple and the US Securities and Exchange Commission, US Bitcoin and crypto laws have moved forward quickly. As reported, both the wider crypto law (Financial Innovation and Technology for the 21st Century Act, Fit21) and the stablecoin law (Clarity for Payments Stablecoin) have passed the Financial Committee.
Right now, the price of Bitcoin is at $29,322. Even though the core PCE reading (actual: 4.1%, expected: 4.2%, last 4.6%) was lower than expected, the Bitcoin price didn't change much. After the release of the PCE inflation data, Bitcoin showed only a small gain, so the hoped-for rally didn't happen.
