House Financial Services Committee Protects Right to Crypto Self-Custody

• The House Financial Services Committee has passed the “Keep Your Coins Act of 2023” bill, which seeks to protect self-custody.
• This is partly in response to the collapse of crypto exchanges such as FTX and investors wanting to protect their funds from bad players.
• The bill was brought forth by Republican congressman Warren Davidson who has been an advocate for cryptocurrencies and their underlying technology.

The „Keep Your Coins Act of 2023“

The House Financial Services Committee has approved legislation that will protect the right to crypto self-custody. Investors can now keep their coins in their own wallets as per the “Keep Your Coins Act of 2023,” legislation. This move promotes individual freedom with investors acting as their own banks.

Purpose Behind the Legislation

This was largely motivated by recent events such as the collapse of crypto exchange FTX and other bad actors that have plagued the industry. By protecting self-custody, investors can ensure that they remain in control of their funds and not be subject to any misuse or fraud from external parties.

Represenative Warren Davidson’s Contribution

The bill was brought forth by Republican congressman Warren Davidson who has been an advocate for cryptocurrencies and their underlying technology for some time now. He has often praised El Salvador’s efforts in adopting Bitcoin and using it for its economic development, showcasing his support of digital assets as a financial tool.

Inconsistent Regulation Within U.S.

Regulation surrounding cryptocurrency within the U.S still remains inconsistent with some lawmakers being supportive while others view it as a threat to traditional systems and are determined to slow its growth down . Regulatory agencies such as the SEC have selectively enforced opaque regulations while providing fake guidance which ultimately slows down progress within the industry.

Conclusion

Overall, this latest development provides a sense of hope for those who see cryptocurrencies as having immense potential but have been held back due to lack regulation or protection from malicious third parties . With this new law protecting self-custody rights , investors can be sure that they are secure when dealing with digital assets .