A new Keep Your Coins bill has been introduced by US Congressman Warren Davidson in the House of Representatives to protect the non-custodial crypto wallets of individuals from the control of the US government agencies.
Keep Your Coins, a play on the popular term Know Your Customer (KYC), refers to users having complete control over their own assets, thus remaining a decentralized fund with no regulations regarding tax or capital gains applied.
The bill enables users to:
“(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.”
Keep Your Coins came after the Canadian government announced it would use the Emergencies Act to monitor large movements of money, crypto transactions and freeze bank accounts, all without an order of the court.
If the bill is successfully passed, Keep Your Coins will ban federal agencies from any control over crypto transactions and prohibit them from “restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use”.
Before it was introduced to the house of representatives, Davidson’s bill had been in the process for over six years.
“Been working on that since 2016. Unbelievable that Congress won’t unite to end the unjust, immoral, and unconstitutional practice of civil asset forfeiture — AKA government theft”, he said.
It’s not just the Congressman who has been voicing such views of late, Senator Cynthia Lummis has also been an advocate for the privacy and freedom of crypto users and the security of their wallets.
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