US Congressman Introduces Bill to Protect Bitcoin Self Custody

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Key Takeaways:

  • The Capitol Hill once again rattled with the concerns of crypto as Congressman Warren Davidson introduced new bill.
  • The new bill is headlined as the “Keep Your Coins Act”.

The Capitol Hill once again rattled with the concerns of crypto as Congressman Warren Davidson introduced a new bill, headlined as the “Keep Your Coins Act”. While its neighbour nation, Canada grapples with the situation of crypto crowdfunding amidst countrywide blockades against the COVID-19 mandates, leading them to bottleneck the situation by leveraging control of the financial system, the tremors can be felt on the American soil as well.

The bill aims to prevent any agency head from prohibiting or at times restricting  “the ability of a covered user to use virtual currency or its equivalent for such user’s own purposes, such as to purchase real or virtual goods and services for the user’s own use; or conduct transactions through a self-hosted wallet.”

While being asked by the Bitcoin Magazine, the US Congressman explained his move and why self-custody has been on the top of his mind for some time. To which, Davidson said that efforts on working started shortly after it was made apparent that Secretary Yellen would be opposing any move on legislating self-custody. He further explained that the bill strives to provide a framework for Know Your Coin (KYC) that would protect self-custody.

When asked on the timeliness of the Bill’s introduction in Congress on the eve of the Canadian protests, Davidson showed his disdain for controlling people’s ability to crowdfund through crypto for non-criminal activities, by drawing parallels from USA’s BLM movement.

Davidson, who is a member of the Congressional Blockchain Caucus along with the House Financial Services Committee, has voiced for the need of a specific framework for regulating stablecoins for a long time.

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Roopashi Semalty
Roopashi Semalty

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