Overview

Title

To prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.

ELI5 AI

H.R. 148 is a law proposal that wants to make sure people can use digital money, like Bitcoin, to buy things without the government stopping them. It also says people can keep their digital money safe in wallets they control all by themselves.

Summary AI

H. R. 148, also known as the "Keep Your Coins Act of 2025," aims to stop Federal agencies from limiting individuals' ability to use convertible virtual currency like Bitcoin or other digital currencies for their own purchases. The bill ensures that people can freely use and manage their digital assets without interference, including holding them in self-hosted wallets where they maintain full control over their currencies.

Published

2025-01-03
Congress: 119
Session: 1
Chamber: HOUSE
Status: Introduced in House
Date: 2025-01-03
Package ID: BILLS-119hr148ih

Keywords AI

convertible virtual currency bitcoin digital assets self-hosted wallets federal agencies cryptocurrency regulation keep your coins act consumer rights financial regulation legal ambiguities

Sources

Bill Statistics

Size

Sections:
2
Words:
471
Pages:
3
Sentences:
12

Language

Nouns: 134
Verbs: 44
Adjectives: 54
Adverbs: 1
Numbers: 14
Entities: 18

Complexity

Average Token Length:
4.31
Average Sentence Length:
39.25
Token Entropy:
4.71
Readability (ARI):
21.88

AnalysisAI

The proposed legislation, titled the "Keep Your Coins Act of 2025," addresses the use of convertible virtual currencies, commonly known as cryptocurrencies, in everyday transactions. Introduced in the House of Representatives, this bill aims to prevent federal agencies from restricting individuals' ability to use these digital currencies for personal purchases and allows for self-custody of digital assets through personal wallets.

General Summary

The focus of the "Keep Your Coins Act of 2025" is to ensure that individuals have the freedom to use convertible virtual currencies, such as Bitcoin, for their personal transactions, including buying goods or services. Furthermore, it provides for the self-management of digital assets through privately held digital wallets, which means users can keep control of their cryptocurrencies without government interference.

The bill specifies what constitutes convertible virtual currencies, which are digital forms of money that have a comparable value to traditional currency or serve as currency substitutes. It also defines "covered users" as individuals who acquire digital currencies for personal transactions.

Significant Issues

Several issues arise from the proposed legislation:

  1. Ambiguity in Language: The phrases used in the bill, particularly "impair the ability," lack clarity and leave room for interpretation, potentially resulting in inconsistent application or enforcement.

  2. Broad Definition of Currency: The bill's definition of convertible virtual currencies might be too inclusive, covering a wide array of digital assets. This could create complexities in ensuring consistent regulation and enforcement across different federal agencies.

  3. Legal and Illegal Acquisition: The definition of "covered user" does not differentiate between lawful and unlawful methods of acquiring virtual currency. This oversight leaves a potential loophole that could be exploited for illegal activities.

  4. Title Ambiguity: The act's title, "Keep Your Coins," while catchy, may not fully convey the seriousness or wide scope of the legislation, potentially leading to misunderstandings about its purpose.

  5. Lack of Contextual Information: The initial sections of the bill lack detailed content or context regarding its full implications, making it difficult for stakeholders to understand its potential impact on financial regulation and consumer rights.

Public Impact

If enacted, this bill could significantly impact the public, especially those interested in using cryptocurrency as part of everyday financial activities. By safeguarding the use of digital currencies without federal interference, the bill might promote broader adoption of cryptocurrencies, increasing their integration within traditional financial systems. It could encourage innovation by allowing individuals more freedom in how they manage and spend their digital assets.

Stakeholder Impact

Cryptocurrency Users: This group stands to benefit substantially from the bill, as it would protect their rights to use digital currencies for personal transactions without federal overregulation. It promotes individual autonomy in managing digital assets, appealing to those who value financial privacy and independence.

Federal Agencies: The bill may pose challenges for regulatory bodies, which could face difficulties in enforcing financial regulations across a broad array of digital currencies. The lack of clarity in the bill may hamper efforts to monitor and combat illegal activities conducted using virtual currencies.

Financial Sector: Traditional financial institutions might face increased competition from cryptocurrencies as they become more widely used for everyday transactions. However, the regulatory certainty provided by this bill could also encourage collaborations between traditional financial services and digital currencies.

In conclusion, while the "Keep Your Coins Act of 2025" could foster greater acceptance and use of cryptocurrencies, its effective implementation would require clarifying several vague aspects to avoid unintentional loopholes or enforcement issues. The potential impact on various stakeholders indicates both opportunities and challenges that need careful consideration.

Issues

  • The language in Section 2(a) is somewhat vague, particularly in terms such as 'impair the ability,' which could be interpreted differently, potentially leading to legal ambiguities or enforcement challenges that may affect the implementation of the bill.

  • In Section 2(b)(1), the broad definition of 'convertible virtual currency,' which may encompass a wide array of digital assets, could complicate regulatory uniformity and enforcement, presenting challenges for both Federal agencies and cryptocurrency users.

  • The definition of 'covered user' in Section 2(b)(2) does not distinguish between lawful and unlawful methods of obtaining convertible virtual currency, which could potentially be exploited by individuals using digital currency for illegal activities.

  • The Act's Short Title, 'Keep Your Coins,' as mentioned in Section 1, may be considered a colloquial expression and could be seen as ambiguous without further definition within the Act, potentially obscuring the seriousness or scope of the legislation.

  • Section 1 lacks substantive content and context regarding the purpose or implications of the Act, which makes it difficult for stakeholders to fully evaluate or comprehend its potential impact, especially in terms of financial regulation and consumer rights.

Sections

Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.

1. Short title Read Opens in new tab

Summary AI

The first section of the "Keep Your Coins Act of 2025" is the short title, which officially names the act.

2. Prohibition on restricting use of convertible virtual currency by a person to retain full control over convertible virtual currency Read Opens in new tab

Summary AI

The section discussed prohibits federal agencies from limiting or hindering individuals' ability to use virtual currencies, like Bitcoin, for their own purchases or to manage their digital assets through self-hosted wallets. It also defines key terms, such as convertible virtual currencies, covered users, and self-hosted wallets, to clarify the scope and application of the rules.