The “Keep Your Coins Act”, introduced on Feb. 15 by Ohio district representative Warren Davidson, is designed to protect crypto asset holders from overreaching state action.
As the bill describes, it will:
“(1) 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 (2) conduct transactions through a self-hosted wallet.”
U.S. lawmakers have targeted self-hosted or private crypto wallets over the past couple of years. The Treasury Department which is overseen by Secretary Janet Yellen has revisited a controversial proposal that would enforce know-your-customer (KYC) rules on self-hosted crypto wallets.
The rule was initially proposed in 2020 by U.S. money-laundering watchdog the Financial Crimes Enforcement Network (FinCEN). If enacted, digital asset exchanges would be required to collect names, residential addresses, and other personal details, from users wanting to transfer crypto to their own private wallets.
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