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.
Policy area: Finance and Financial Sector

Summary:
This bill prohibits federal agencies from restricting a person's use of convertible virtual currency for their own purposes or to conduct transactions through a self-hosted wallet.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6727 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6727

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2022

 Mr. Davidson introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON RESTRICTING USE OF CONVERTIBLE VIRTUAL 
              CURRENCY BY A PERSON TO PURCHASE GOODS OR SERVICES FOR 
              THE PERSON'S OWN USE.

    (a) In General.--No agency head may prohibit or otherwise restrict 
the ability of a covered user to--
            (1) use virtual currency or its equivalent for such user's 
        own purposes, such as to purchase real or virtual goods and 
        services for the user's own use; or
            (2) conduct transactions through a self-hosted wallet.
    (b) Definitions.--In this section:
            (1) Convertible virtual currencies.--A medium of exchange 
        that--
                    (A) has an equivalent value as currency (as defined 
                in section 1010.100 of title 31, Code of Federal 
                Regulations (or successor regulations)); or
                    (B) acts as a substitute for currency but may not 
                possess all the attributes (including legal tender 
                status) specified under such section 1010.100.
            (2) Covered user.--The term ``covered user'' means a person 
        that obtains convertible virtual currency to purchase goods or 
        services on that person's own behalf, without regard to the 
        method in which such covered user obtained such convertible 
        virtual currency.
            (3) Self-hosted wallet.--The term ``self-hosted wallet'' 
        means an interface--
                    (A) used to secure and transfer convertible virtual 
                currency; and
                    (B) under which the owner of convertible virtual 
                currency retains independent control over such 
                convertible virtual currency that is secured by such 
                digital interface.
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