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The US House Financial Services Committee has passed the “Keep Your Coins Act of 2023,” a significant piece of legislation for the cryptocurrency industry in the United States. The bill comes at a time when the US SEC has sustained an onslaught on crypto firms, including large companies like Binance and Coinbase.
If the bill sails through all the handles and becomes law, it will mark a major development for the digital assets industry which is experiencing an explosion with new projects like Chancer, which seeks to revolutionize the betting industry using blockchain technology.
What the Keep Your Coins Act of 2023 stipulates
The Keep Your Coins Act of 2023, was introduced on July 25, 2023, by Representative Warren Davidson (R-OH). H.R. would prohibit any federal agency from implementing any rule or taking any action that would restrict an individual’s ability to transact with digital assets through self-hosted wallets 3.
After the passing of the House Financial Services Committee, the Act will now proceed to the House of Representatives for a vote.
If passed and adopted, the legislation will ensure that cryptocurrency holders have the right to retain their cryptocurrencies including Bitcoin (BTC) in self-custody wallets. It seeks to secure the freedom and privacy of users in managing their own cryptocurrency holdings with the increasing popularity of digital assets.
Possibility of the bill sailing through
The passage of the Act by the House Committee points to a growing sense of responsibility towards safeguarding the rights of cryptocurrency holders and nurturing an enabling atmosphere for the wider adoption of digital assets.
The bill underscores the importance of empowering individuals to have complete control over their digital assets and delivering a framework for the continued growth of the crypto industry.
With cryptocurrencies becoming a main point of discussion in the ongoing 2024 presidential campaigns, the law is likely to see the light of the day as politicians seek to score some political milestones. Its potential enactment could significantly impact the cryptocurrency landscape by reinforcing the principles of decentralization and financial autonomy.
As it stands, the bill shows the US government is making efforts to balance between innovation support and consumer protection.
Effect of the bill on new projects like Chancer
While it is still early to speculate the effects of the bill on cryptocurrency projects, the bill will create more confidence for crypto investors, especially those looking to invest in new projects like the Chancer decentralized prediction marketing platform that is currently conducting the presale for its native cryptocurrency, the CHANCER. Chancer is leveraging blockchain technology to allow bettors to create their own wagers on basically anything with customized odds and the CHANCER token is supposed to offer access to the platform. Those interested in the new token can purchase it here.
Just like the recent win by Ripple Labs against the SEC rejuvenated the cryptocurrency market, the passing of the bill by the House of Representatives would stamp another win for the industry, which has come under harsh scrutiny by the US Securities and Exchanges Commission (SEC). Nonetheless, it is still not clear whether the bill will put some brakes on cryptocurrencies being classified as securities by the SEC.
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