On Feb. 15, Ohio district congressman Warren Davidson introduced the “Keep Your Coins Act,” which attempts to protect bitcoin investors from overreaching legislative action.
Warren Davidson introduced the Keep Your Coins Act
According to the law, users can “either (1) utilize virtual money or its equivalent for their own purposes, such as to obtain real or virtual products and services for their own use; or (2) conduct transactions using a self-hosted wallet.”
In an attempt to curb the country’s growing protest movement, Canada has cracked down on crowdfunding platforms and crypto donations.
According to sources, the bill would make it illegal for government organizations to “restrict a person’s use of convertible virtual money to purchase products or services for the person’s own use, and other purposes.” It also prevents them from prohibiting cryptocurrency users from transacting.
The framework protects self-custody, according to Congressman Davidson, who spoke to Bitcoin (BTC) Magazine. He remarked in response to the Canadian crackdown:
“We should not utilize the money to impose our will on people.” Of course, if criminal activity is discovered, you should investigate it. Consider what might have happened if the Black Lives Matter movement had been supported by crowdsourcing. That would be inexcusable. The Freedom Convoy finds it unacceptable as well.”
Self-hosted or private crypto wallets have been pursued by US lawmakers in recent years. The Treasury Department has reassessed a contentious proposal to impose know-your-customer (KYC) rules on self-hosted bitcoin wallets, led by Secretary Janet Yellen.
According to sources, the bill would make it illegal for government organizations to “restrict a person’s use of convertible virtual money to purchase products or services for the person’s own use, and other purposes.” It also prevents them from prohibiting cryptocurrency users from transacting.
Despite the presence of a few pro-crypto legislators, such as Congressman Davidson, the general consensus in the United States appears to be one of severe regulation. Before it can be implemented, the proposed ‘Keep Your Coins’ Act must be approved into law, and it is expected to face significant opposition from those who want to prohibit the industry totally.
Congressman Josh Gotthiemer released a discussion draught of the Stablecoin Innovation and Protection Act this week in an effort to encourage clearer legislation and innovation in the financial industry.
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Also read: MasterCard extends consulting services to cryptocurrency
