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.

Bill: 117-hr-6727
Sponsor: full_name: Rep. Davidson, Warren [R-OH-8]
Introduced: 2022-02-15
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Currency

Digital media
Latest action: action_date: 2022-02-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-02-15
action_desc: Introduced in House
text: <p>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. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6727 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.

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.