G:\M\17\DAVIOH\DAVIOH_084.

XML

.....................................................................
(Original Signature of Member)

H. R. ll
117TH CONGRESS
2D SESSION

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

Mr. DAVIDSON introduced the following bill; which was referred to the
Committee on llllllllllllll

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 Be it enacted by the Senate and House of Representa-

2 tives of the United States of America in Congress assembled,

g:\V\G\021422\G021422.003.xml (830318|8)
February 14, 2022 (9:59 a.m.)
VerDate Nov 24 2008 09:59 Feb 14, 2022 Jkt 000000 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 C:\USERS\KCSWISS\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\DAVIOH_08
 G:\M\17\DAVIOH\DAVIOH_084.XML

2
1 SECTION 1. PROHIBITION ON RESTRICTING USE OF CON-

2 VERTIBLE VIRTUAL CURRENCY BY A PERSON

3 TO PURCHASE GOODS OR SERVICES FOR THE

4 PERSON’S OWN USE.

5 (a) IN GENERAL.—No agency head may prohibit or

6 otherwise restrict the ability of a covered user to—
7 (1) use virtual currency or its equivalent for
8 such user’s own purposes, such as to purchase real
9 or virtual goods and services for the user’s own use;
10 or
11 (2) conduct transactions through an self-hosted
12 wallet.
13 (b) DEFINITIONS.—In this section:
14 (1) CONVERTIBLE VIRTUAL CURRENCIES.—A

15 medium of exchange that—

16 (A) has an equivalent value as currency (as
17 defined in section 1010.100 of title 31, Code of
18 Federal Regulations (or successor regulations));
19 or
20 (B) acts as a substitute for currency but
21 may not possess all the attributes (including
22 legal tender status) specified under such section
23 1010.100.
24 (2) COVERED USER.—The term ‘‘covered user’’
25 means a person that obtains convertible virtual cur-
26 rency to purchase goods or services on that person’s
g:\V\G\021422\G021422.003.xml (830318|8)
February 14, 2022 (9:59 a.m.)
VerDate Nov 24 2008 09:59 Feb 14, 2022 Jkt 000000 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 C:\USERS\KCSWISS\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\DAVIOH_08
 G:\M\17\DAVIOH\DAVIOH_084.XML

3
1 own behalf, without regard to the method in which
2 such covered user obtained such convertible virtual
3 currency.
4 (3) SELF-HOSTED WALLET.—The term ‘‘self-
5 hosted wallet’’ means an interface—
6 (A) used to secure and transfer convertible
7 virtual currency; and
8 (B) under which the owner of convertible
9 virtual currency retains independent control
10 over such convertible virtual currency that is se-
11 cured by such digital interface.

g:\V\G\021422\G021422.003.xml (830318|8)
February 14, 2022 (9:59 a.m.)
VerDate Nov 24 2008 09:59 Feb 14, 2022 Jkt 000000 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 C:\USERS\KCSWISS\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\DAVIOH_08