The US House Financial Services Committee has passed the Keep Your Coins Act of 2023, a key piece of legislation for the cryptocurrency industry in the United States. The bill comes at a time when the US SEC has weathered an attack on crypto companies, including major companies like Binance and Coinbase.
If the bill passes through all the handles and becomes law, it will mark a major development for the digital asset industry. This is now seeing an explosion with new projects such as Chancer, which aims to revolutionize the gambling industry with the help of blockchain technology.
What the Keep Your Coins Act of 2023 states
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The Keep Your Coins Act of 2023 was enacted on July 25, 2023 by Representative Warren Davidson (R-OH). HR would prohibit a federal agency from implementing a rule or taking any action that would limit an individual’s ability to transact with digital assets through self-custody wallets.
After approval by the House Financial Services Committee, the bill will now go to the House of Representatives for a vote.
If passed and passed, the legislation will ensure that cryptocurrency holders have the right to hold their cryptocurrencies including Bitcoin (BTC) in self-custody wallets. It seeks to ensure users’ freedom and privacy in managing their own cryptocurrency holdings with the increasing popularity of digital assets.
Possibility of passing the law
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The House Committee’s passage of the bill signals a growing sense of responsibility for protecting the rights of cryptocurrency holders and nurturing an atmosphere conducive to the wider adoption of digital assets.
The bill underscores the importance of empowering individuals to have full control over their digital assets and providing a framework for the continued growth of the crypto industry.
With cryptocurrencies becoming a major talking point in the ongoing 2024 presidential campaigns, the law is likely to see the light of day as politicians try to score some political milestones. Its potential adoption could significantly impact the cryptocurrency landscape by reinforcing the principles of decentralization and financial autonomy.
As it stands, the bill shows the US government’s efforts to strike a balance between innovation support and consumer protection.
Effect of the bill on new projects like Chancer
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While it is still early to speculate on 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 presale for the native token CHANCER. Chancer uses blockchain technology to allow bettors to place their own bets on virtually anything with custom odds and the CHANCER token should provide access to the platform. Those interested can purchase the new token here.
Just as Ripple Labs’ recent victory against the SEC has rejuvenated the cryptocurrency market, the passing of the bill by the House of Representatives would mark another victory for the industry, which has come under close scrutiny by the U.S. Securities and Exchange Commission (SEC). Nevertheless, it is still not clear whether the bill will put the brakes on cryptocurrencies being classified as securities by the SEC.