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.

Bill: 118-s-3229
Sponsor: full_name: Sen. Budd, Ted [R-NC]
Introduced: 2023-11-06
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-11-06
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-11-06
action_desc: Introduced in Senate
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: II 118th CONGRESS 1st Session S. 3229 IN THE SENATE OF THE UNITED STATES November 6, 2023 Mr. Budd introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.