Person to person transfers and self-custody wallets are outside the section
What the document says“This section shall not apply to-- (A) the direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary; (B) to any transaction involving the receipt of digital assets by an individual between an account owned by the individual in the United States and an account owned by the individual abroad that are offered by the same parent company”
Subsection (h)(1). Three kinds of transaction are outside the section: a direct transfer between two individuals acting for themselves and for their own lawful purposes with no intermediary, a transfer by an individual between their own account here and their own account abroad at the same parent company, and any transaction by means of a software or hardware wallet that facilitates an individual's own custody of digital assets. Subsection (h)(2) adds that nothing in the Act alters the Secretary of the Treasury's existing authority to block, restrict or limit transactions involving dollar-denominated payment stablecoins subject to United States jurisdiction.
What the document actually says“This section shall not apply to-- (A) the direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary; (B) to any transaction involving the receipt of digital assets by an individual between an account owned by the individual in the United States and an account owned by the individual abroad that are offered by the same parent company”
This part does not touch two people sending coins to each other. No middleman can be in the way. It also does not touch moving your own coins between your own accounts.
A wallet you hold yourself is also left out. So is one you run on your own device. The Treasury keeps its old power to freeze coins.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.