The U.S. House Financial Services Committee just passed the Keep Your Coins Act of 2030,’ a landmark Bill that advocates for the right of self-custody Bitcoins and other cryptocurrencies. The bill is designed to allow individuals and businesses to store and manage digital assets without involving third parties.

Bill Passes for Bitcoin and Crypto Self-Custody

The primary goal of the bill is to prevent Federal agencies from restricting a person’s use of virtual currency for their own purpose, including purchasing goods and/or services and completing transactions for any legal purpose. The law also protects the rights of individuals to store digital assets in a secure wallet hosted by themselves or another means.

Republican Warren Davidson expressed his excitement for the protection of rights to self-custody. He tweeted, “Last evening, the Financial Committee approved my bill to safeguard self-custody.” The people who are against self-custody are opposed to individual freedom. They want to control someone else’s assets. Defend freedom.

Just in: US House Financial Services Committee passed a bill protecting the right to self custody #Bitcoin & crypto! pic.twitter.com/0p7Wc42RAD

– Jake Simmons July 28 2023

The bill defines “convertible virtual currencies” as mediums of exchange that have an equivalent value to currency, or act as substitutes for currency. However, they may not have all of the legal tender attributes. The bill defines a “covered user” as anyone who uses convertible virtual currency for their own benefit to buy goods and services.

The bill also protects the use self-hosted digital wallets that are used to transfer and secure convertible virtual currency. This legislation allows the owner of virtual currency to retain independent control over his assets.

This bill’s passage is an important step in providing crypto users and investors with the freedom and confidence to control their digital assets.

The U.S. House Financial Services Committee hopes to create a robust, decentralized cryptocurrency eco-system by protecting the right to self custody. Individuals can use their cryptocurrencies to purchase goods and services, among other things.

Keep Your Coins Act of 2023 now moves on to the next stages of review, and possible amendments, before it becomes law.

After the ruling, US Bitcoin and Crypto legislation has gained rapid momentum. Bitcoinist has reported that both the stablecoin and the larger crypto bill (Financial Innovation and Technology for the 21st Century Act Fit21) have passed the Financial Committee.

Bitcoin was priced at $29328 as of press time. The core PCE was lower than expected (actually: 4.1%; exp. BTC’s price was almost unchanged despite a core PCE reading that was lower than expected (4.2%, vs. 4.6% last time). BTC only showed a slight gain 15 minutes after the PCE inflation figures were released, so the rally that was expected did not materialize.