The US House Financial Services Committee has passed the “Keep Your Coins Act of 2023”, a landmark legislation for the cryptocurrency industry in the country. This move comes at a time when the US Securities and Exchange Commission (SEC) has been cracking down on leading crypto firms like Binance and Coinbase.
If the bill is approved by the House of Representatives, it will be a major step forward for the digital assets industry, which has been witnessing a surge with projects such as Chancer, aiming to revolutionize the betting industry through blockchain technology.
So, what does the Keep Your Coins Act of 2023 entail? The bill, introduced by Representative Warren Davidson (R-OH) on July 25, 2023, would bar any federal agency from putting in place any rule or taking any action that would limit an individual’s ability to manage digital assets through self-hosted wallets.
The positive vote by the House Financial Services Committee has generated optimism that the Act will be adopted. If so, it will guarantee cryptocurrency holders the right to store their digital currencies, such as Bitcoin (BTC), in self-custody wallets. This will ensure that users have full control over their crypto holdings, given the increasing popularity of digital assets.
The legislation also highlights the US government’s efforts to strike a balance between supporting innovation and protecting consumers.
The potential enactment of the bill could significantly influence the crypto space by reinforcing the idea of decentralization and financial autonomy. With cryptocurrencies becoming a key topic in the 2024 presidential campaigns, the law is likely to be approved as politicians seek to make their mark.
As far as the impact of the bill on crypto projects is concerned, it will create more faith in investors, especially those who are looking to invest in new projects such as the Chancer decentralized prediction platform. The platform is currently conducting a presale for its CHANCER token, which will grant users access to the platform. The passing of the bill is likely to add more momentum to the crypto market, similar to the effect of the win by Ripple Labs against the SEC. However, it is still unknown if the bill will affect the SEC’s view on classifying certain cryptocurrencies as securities.