US House Committee Approves Bill to Allow Self-Custody of Cryptocurrencies
The US House Committee has recently passed a legal provision to allow self-custodial options for cryptocurrency investors. In the wake of the FTX saga, the phrase “not your crypto, not your coins” has gained considerable popularity.
It means that many crypto investors have identified the importance of non-custodial wallets that grants them complete control and ownership of their crypto holdings.
To this effect, the Financial Services Committee has passed the Keep Your Coins Act of 2023. The bill intends to grant authority to cryptocurrency investors to hold cryptocurrencies as their ownership.
It means that cryptocurrency investors may now transfer their crypto holdings in self-custodial wallets. The Act is part of a slew of cryptocurrency-related regulations that are approved in the country last week.
The bill concerning the self-custody of cryptocurrencies has been enacted by Representative Warren Davidson. He shared his latest remarks on social media, where he claimed that the main idea behind the bill is the promotion of financial freedom and increasing legal clearance for the crypto sector.
He claimed that anyone who is against self-custodial rights is launching an attack on individual freedom and advocating for others to have control over their crypto portfolio.
At the same time, the legislature is also set to enable purchasing rights for cryptocurrency owners. It means that crypto-related purchases are going to become easier and legal for crypto investors without getting any interference or red tape from federal agencies.
Legislators have maintained that the cryptocurrency-related legislation has been inspired by the collapse of the FTX exchange last year. When the cryptocurrency exchange went down, the consumers were unable to withdraw their crypto holdings.
Coinbase and Binance Users are Moving their Assets to Non-Custodial Wallets
At present, Binance and Coinbase are under pressure from the Securities and Exchange Commission. It means that their account holders have decided to move their funds out of the exchange accounts and transfer them to self-custodial wallets.
Since last week, a series of cryptocurrency bills have been approved by the House Financial Services Committee.
Two of the most talked about bills in the series are Stablecoin payments clarity and The Financial Innovation and Technology Act. The recent changes are in stark contrast to the trend of legal uncertainty and clarity for the crypto industry in the country. Regardless, the legal stance of the legislators in the country has been termed as enforced action.
There is a general expectation in the region regarding increased legislative scrutiny from the Securities and Exchange Commission. The crypto market has maintained a sideways trading pattern since last week.
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