Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian. Therefore, a person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party intermediary. This would essentially cut out any need for a financial institution or money service business to facilitate a transaction.
After introducing the bill, Rep. Davidson made the following statement:
“As the federal government seeks more regulation of the crypto ecosystem, it seeks to impose more surveillance over American citizens. It’s vital that we preserve the attributes of cash transactions by protecting the permissionless nature of cash. No third party should be required for two people (or companies) to use money as a means of exchange, store of value, and record of account. This bill ensures that individuals will always have the ability to transact without any intermediaries.”