Keep Your Coins ‘ bill . The bill should protect owners of bitcoin against far-reaching government intervention. With this, the bill appears to be a response to the current situation in Canada. Or is the congressman cleverly exploiting the momentum for political gain?

The bill was introduced last Tuesday. This is one day after the Canadian government announced its intention to enact an unprecedented emergency law. The so-called Emergencies Act should put a stop to blockades by opponents of the corona policy by giving banks the power to freeze bank accounts and block transactions (including bitcoin and crypto) without a court order.

The name of the bill ?ǣ Keep Your Coins ?ǥ is a cynical pun on the Know-Your-Customer obligation for bitcoin companies. Also known in the Netherlands as the know-your-customer rules. These rules prescribe that bitcoin companies must obtain the necessary information about their customers.

If the bill passes, no body can prohibit U.S. citizens from using bitcoin or crypto for their own purposes, such as buying real or virtual goods and services. In addition, no ban can be imposed on non-custodial wallets.

With a non-custodial wallet you have full control. The bitcoin in your wallet is under your control and belongs to you, because only you have the seed phrase that provides access to the wallet. There is no service provider or third party involved and transactions go directly from you to the recipient.

Congressman Warren Davidson has long been a proponent of bitcoin and, in particular, keeping it in-house. In a recent interview with Bitcoin Magazine, he elaborated on this specific point from the bill.

In the interview, the congressman says that the text of the bill was written after it became known that Janet Yellen, secretary of finance in the Biden cabinet, wanted to impose restrictions on non-custodial wallets . If they can’t stop bitcoin and crypto, they will take it to an account-based system (such as the banking system), according to Warren Davidson.

It’s unclear how much support Warren Davidson’s bill will receive. Since few members of Congress are in favor of Bitcoin and crypto and non-custodial wallets seem to face stiff opposition, it will be quite a job for the member of Congress to get the ?ǣ Keep Your Coins ?ǥ bill through Congress. Nevertheless, the congressman is only too happy to take advantage of the current momentum to protect bitcoin holdings.

Read here why it is important to keep bitcoin in-house.