Bitcoin Magazine published, “BREAKING: U.S. Congressman introduces bill to protect #bitcoin self-custody and conducting peer-to-peer transactions.”

If passed, the “Keep Your Coins” bill would protect the ability to act as a self-custodian and conduct peer-to-peer transactions.

The people in the US after reading the bill want to support it, then they can contact their representatives in Congress and the Senate to further encourage them to do the same. Hopefully, if it makes a difference investor would want to build momentum swiftly and make it to be a must-pass legislation.

A self-custody wallet is a place where you store digital money like cryptocurrency and other digital assets. Self-custody wallets, also called non-custodial wallets, are required to transact with blockchain-based financial applications, such as the Compound Liquidity Pool and other DeFi applications.

For those seeking complete control over their digital assets, a self-custody solution might be the best choice. This option affords you complete control of your cryptocurrency via a personal private key — a well-formed and unguessable number that grants you access to your assets.

Community Response:  Maybe I am speaking out of ignorance, but why do we need to pass a bill in order to be able to self-custody our Bitcoin? Can’t I do that already?

Aren’t we already our own custodians and are able to send peer to peer transactions?

Isn’t such a bill tautological relative to already existing property rights in a little thing called the constitution? By introducing he’s actually undermining that fact. All just to virtue signal to a new constituency.

Yes, if you don’t believe it has preventative value. If Yellen’s game plan is to force custody through govt accts/ban private custody, then a law like this is good.  RE virtue signaling, I think there’s some value in publicly advocating against self-custody being made illegal.

As long as voters follow through with accountability to that advocacy having teeth. A lot of politicians take advantage of the arcane nature of legislative process. Tons of bills get introduced every day with zero chance for passage. Especially if just one sponsor.

This gets the issue a spotlight. But you’re right, many may not understand that a bill being introduced doesn’t mean much in a vacuum. Low % it gets wedged into a must pass bill I guess, but odds will likely be much more realistic after the midterm.

This looks timely. However, they are trying to take control of people who hold cryptos by slowly establishing themselves as those who are authorized to permit or not permit.  In the first place, no one wanted the government’s permission to hold Bitcoin – There is an Elephant in the room.