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 $CLSK, this bill eliminates the risk of a federal ban on self-hosted wallets that would have directly threatened their business models. The bill is at an early stage (referred to committee, 2 cosponsors), indicating low near-term passage probability, but represents a clear legislative bull case for the sector.
See which stocks are affected
Key takeaways, market implications, full AI analysis, and connected signals are available to HillSignal members.
Already have an account? Log in
Key Takeaways
- 1.The Keep Your Coins Act prohibits federal restrictions on self-custody of digital assets — removing the single largest regulatory overhang on US crypto markets.
- 2.The bill is at an early stage (referred to committee, no hearings) with low near-term passage probability, but represents a clear legislative bull case if it advances.
- 3.Pure-play crypto companies ($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.
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
Clean Cloud Act of 2025
Combatting Money Laundering in Cyber Crime Act of 2025
Clean Cloud Act of 2025
Combatting Money Laundering in Cyber Crime Act of 2025
Mined in America Act of 2026
BITCOIN Act of 2025
Regulation A+ Improvement Act of 2026
Digital Commodity Intermediaries Act
Related Presidential Actions
Executive orders & memoranda affecting the same sectors or companies
Presidential Determination Pursuant to Section 101 of the Defense Production Act of 1950, as Amended, on Recoverable Critical Minerals and Materials
This memorandum invokes the Defense Production Act (DPA) Section 101 to declare that recoverable critical minerals and materials (such as black mass, end-of-life rare-earth magnets, and scrap) are essential to national defense and that the U.S. cannot meet defense needs without disrupting civilian markets. It directs the Secretary of Commerce to issue regulations and take actions—including priority contracts and supply-chain interventions—to rapidly expand domestic recovery and processing of these materials, while explicitly excluding copper scrap already covered by a separate proclamation.
Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials
This executive order restricts waivers for foreign-sourced critical materials in defense contracts, effective January 1, 2027, and mandates that defense contractors map their supply chains from raw materials to end products, vet subcontractors for risks, and prohibit covered materials from unreliable foreign suppliers. It directs the Secretary of War to enforce strict compliance, including requiring mitigation plans for any non-compliant materials and establishing penalties for fraud or willful noncompliance.
Advancing Regenerative Agriculture and Strengthening American Farm Resilience
This executive order directs the EPA, USDA, and HHS to prioritize registration of alternative pesticides, expedite cumulative exposure research, and maximize funding for a regenerative agriculture pilot program, while creating public-private partnerships to expand adoption of conservation farming practices. The order specifically instructs the EPA Administrator to speed up registration actions for substances that can replace older active ingredients, and requires HHS to issue a grand prize challenge for cumulative chemical exposure evaluation technologies.
Free — no credit card
Get the next market-moving signal before the news does
HillSignal scores every Congressional bill, federal contract, and insider filing for market impact and emails you the high-conviction ones — free, no credit card.
Weekly digest — the congressional activity that actually moved markets that week, in plain English. Free, one email.
Free forever plan · No credit card · Unsubscribe in one click
Want the live terminal too? Create a free account →