Keep Your Coins Act of 2025
Summary
The Keep Your Coins Act of 2025 would prohibit federal agencies from restricting self-custody of digital assets — removing the single largest regulatory overhang on the US crypto ecosystem. For pure-play crypto companies like $COIN, $MSTR, $RIOT, and $CLSK, this bill eliminates the risk of a federal ban on self-hosted wallets that would have directly threatened their business models. The bill is at an early stage (referred to committee, 2 cosponsors), indicating low near-term passage probability, but represents a clear legislative bull case for the sector.
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Key Takeaways
- 1.The Keep Your Coins Act prohibits federal restrictions on self-custody of digital assets — removing the single largest regulatory overhang on US crypto markets.
- 2.The bill is at an early stage (referred to committee, no hearings) with low near-term passage probability, but represents a clear legislative bull case if it advances.
- 3.Pure-play crypto companies ($COIN, $MSTR, $RIOT, $CLSK) face reduced existential regulatory risk if passed; diversified tech companies are not materially affected.
Market Implications
The market has not priced in any probability of this bill passing — crypto-exposed equities have rallied on BTC price action and ETF flows, not legislative catalysts. COIN at $186.96 ($139.36-$444.65 52-week range) and MSTR at $164.10 ($104.17-$457.22) remain deeply discounted from highs. A committee hearing or a markup would be a catalyst for relative outperformance of these tickers versus broad equity indices. Until then, the bill is background noise — real regulatory risk (SEC enforcement, tax reporting rules) remains the dominant factor for crypto corporate valuations.
⚡ Government Convergence
Active government convergence in this signal’s sector right now.
Over the last 90 days, 9 separate government actions have converged on Crypto / Digital Asset Policy. What that means: legislation and executive action are building the policy and funding tailwind behind it, and R&D and corporate filings show the supply side gearing up. When independent channels move together like this — 4 bills, 2 SEC filings, 2 patents and 1 executive actions — it's the clearest early tell that Washington is committing to crypto / digital asset policy, the kind of build-up that reshapes the sector well before it's obvious in the headlines.
Converging government actions
- BillCombatting Money Laundering in Cyber Crime Act of 2025 · 2025-04-03
- SEC filingAccolade Blockchain Access Fund II, L.P. · 2025-06-18
- BillDigital Commodity Intermediaries Act · 2026-02-02
- BillDigital Commodity Intermediaries Act · 2026-03-12
- BillCombatting Money Laundering in Cyber Crime Act of 2025 · 2026-04-15
- Executive actionExecutive Order: Integrating Financial Technology Innovation into Regulatory Frameworks · 2026-05-19
- BillDigital Asset Market Clarity Act of 2025 · 2026-06-01
- Procurement noticeDigital Asset Management System for WeRemember.ABMC.gov and the Burial and Memorialization Electronic Directory · 2026-06-12
- PatentPatent: JPMORGAN CHASE BANK, N.A. — SYSTEMS AND METHODS FOR BLOCKCHAIN-BASED CERTIFIED RANDOM FUNCTION USING QUANTUM RANDOM CIRCUIT GENERATOR · 2026-06-23
- SEC filingCoinbase Stablecoin Yield US Access Fund, L.P. · 2026-07-24
- PatentPatent: Stable Protocol LLC — Autonomous Auditing of Digital Asset Reserves Using a Multi-Model Architecture · 2026-07-28
- SEC filingDigital Asset Special Investments I, LP · 2026-09-08
- BillDigital Asset Tax Certainty Act · 2026-09-14
- BillTo amend the Small Business Act to help small business concerns critically evaluate digital assets, and for other purposes. · 2026-09-15
Full Analysis
The Keep Your Coins Act (S.2284) was introduced in the Senate on July 15, 2025 by Senator Budd (R-NC), with Senator Lee (R-UT) as the sole cosponsor (total 3 sponsors including the sponsor). It was read twice and referred to the Committee on Banking, Housing, and Urban Affairs. A companion bill (HR148) exists in the House, referred to the Financial Services Committee. The bill is at an early legislative stage — committee referral with no hearings, markups, or votes recorded.
The bill prohibits any federal agency from restricting a covered user's ability to use convertible virtual currency for their own purposes or to self-custody digital assets using a self-hosted wallet. The mechanism is a direct prohibition on agency rulemaking — it does not authorize or appropriate any funding. For market participants, the bill removes the risk that regulators (likely Treasury/FinCEN) could ban or severely restrict non-custodial wallets, which would have forced retail users onto custodial platforms (like Coinbase) or out of crypto entirely.
Structural winners are pure-play crypto companies where self-custody is integral to their business model. Coinbase's retail transaction fees, Strategy's corporate bitcoin treasury, and miner liquidity operations (Riot, CleanSpark) all rely on the legal ability to self-custody. A ban would have created compliance costs, intermediary requirements, or outright operational disruption. Diversified tech companies (e.g., $MSFT, $AMZN) have negligible crypto exposure and are not materially affected.
Real market data shows crypto-exposed equities have experienced significant volatility. Over the trailing 30 days: COIN +7.07% (current $186.96), MSTR +31.49% ($164.10), RIOT +36.65% ($16.89), CLSK +44.30% ($12.28). These gains reflect broader crypto market sentiment and ETF inflows rather than this specific bill — the legislation has seen no material action since introduction. All four tickers remain well below their 52-week highs (COIN: $444.65, MSTR: $457.22, RIOT: $23.94, CLSK: $23.61).
The legislative timeline is uncertain. A bill with 2 cosponsors (one of whom is a co-sponsor, not the lead), no reported out of committee, and no hearings means passage in this Congress is unlikely unless significant political momentum builds. The companion bill in the House adds slight probability but remains procedural. The next milestones: a committee hearing, a markup, and a vote to report out — none of which have occurred.
Intelligence Surface
Cross-referenced against federal contracts, SEC insider filings & congressional trade disclosures
Some confirming evidence found across public data sources
What the bill does
Prohibition on federal agencies restricting self-custody or use of convertible virtual currency via self-hosted wallets.
Who must act
Federal agencies (e.g., Treasury, SEC, FinCEN) are prohibited from issuing regulations that restrict covered users' self-custody of digital assets or transactions through self-hosted wallets.
What happens
Removes the single largest regulatory overhang on the US crypto ecosystem — the risk of a federal ban on non-custodial wallets. Retail trading volumes, which are partially driven by self-custody and peer-to-peer transactions, are preserved from potential regulatory shrinkage.
Stock impact
Coinbase (COIN) generates the majority of its revenue from retail transaction fees via its centralized exchange. A regulatory ban on self-hosted wallets would have forced users onto custodial platforms or out of crypto entirely, contracting the addressable market. Passage of this bill removes that downside risk, preserving Coinbase's retail transaction fee base.
What the bill does
Prohibition on federal agencies restricting self-custody or use of convertible virtual currency via self-hosted wallets.
Who must act
Federal agencies (e.g., Treasury, SEC, FinCEN) are prohibited from issuing regulations that restrict covered users' self-custody of digital assets or transactions through self-hosted wallets.
What happens
Removes the risk of a federal ban on self-hosted wallets, which could have been interpreted to restrict corporate bitcoin treasury operations. Strategy (MSTR) holds bitcoin in custody; if self-custody were restricted or banned, the regulatory pathway for corporate bitcoin holdings could become untenable.
Stock impact
Strategy (MSTR) has built its corporate strategy around holding a large BTC treasury (the largest public company holder as of Q1 2026). A federal restriction on self-custody would threaten the legal framework enabling its core business thesis. This bill removes that existential regulatory risk, preserving the viability of the corporate BTC treasury model.
Connected Signals
Matched on shared policy language across AI analyses, with ticker & timing weight
Executive Order: Integrating Financial Technology Innovation into Regulatory Frameworks
Coinbase Stablecoin Yield US Access Fund, L.P.
Digital Asset Special Investments I, LP
Digital Asset Tax Certainty Act
To permanently prohibit the Board of Governors of the Federal Reserve System or a Federal reserve bank from issuing or creating a central bank digital currency, and for other purposes.
To amend the Small Business Act to help small business concerns critically evaluate digital assets, and for other purposes.
Sell Your Stocks or Step Down Act
Related Presidential Actions
Executive orders & memoranda affecting the same sectors or companies
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Restoring Reciprocity in Government Procurement
This Presidential Memorandum directs the Office of Management and Budget, the U.S. Trade Representative, and other federal agencies to identify and remove Canadian-origin items from federal civil procurement where possible, citing Canada's 'Buy Canadian' policies as discriminatory. It also requires agencies to be notified of domestic alternatives and mandates ongoing monitoring of Canada's procurement practices, with provisions for restoring access if Canada changes its policies.
Accelerating Access To Veterans' Benefits And Employment Opportunities
This proclamation orders the Secretaries of War and Veterans Affairs to mandate rapid, ongoing digital sharing of military personnel and medical records, deploy AI-powered tools for benefits applications, and update existing IT contracts for interoperability. It also requires the Transition Assistance Program to connect separating service members to specific jobs or training programs before discharge.
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