Freedom Remains

On Wednesday (8/13/25), reports flew around X that Google was cracking down on crypto wallets and requiring them to obtain certain licenses to remain allowed on the Google Play Store. In the immediate reports, this included self-custodial applications. This behavior would have killed a large portion, if not all, of the self-custodial wallets in existence because it would have required these companies to register as money services businesses or money transmitters (in the US, FinCEN registration) and a self-custody wallet can’t register as a money transmitter because the wallet never takes control of or has access to user funds.

That is the point of a self-custodial (non-custodial) wallet.

No one else has access to your funds, and no one else can transfer any funds in your account.

A self-custodial wallet is akin to the dollar bills you have in your physical wallet. No bank or third party can spend the dollar bills residing in your wallet unless you grant them access to your wallet or they steal from you.

Measures to limit access to self-custodial wallets are measures to increase censorship, surveillance, and ultimately limit freedoms to transact and access to the open market. Measures to limit access to self-custodial wallets are authoritative in nature and would pave the way for a full central bank digital currency (CBDC) to become widespread in our society. Without access to a self-custodial wallet that cannot be shut off or censored by a bank or third party, our society is removing the freedom that physical cash provides all of us if we so seek. Yes, cash is less prevalent in our society today, as almost everyone transacts primarily with debit or credit cards, which are custodial applications; that is, a bank has the ultimate power and say about the money in your account. However, we currently still have the option to use physical cash if we so choose. In an ever-increasingly digital world, removing access to a self-custodial wallet bans the freedom that cash allows.

Thankfully, Google quickly clarified (or reversed) its intended actions as a result of the public outcry that occurred. Their new licensing requirements for crypto wallet apps primarily target digital wallet apps from cryptocurrency exchanges and importantly, self-custodial (non-custodial) wallets are exempt from these new requirements.

Bitcoin is a freedom technology, and a key aspect of this is the ability to take control of your bitcoin. With self-custodial wallets, you can capture your private keys and maintain sovereignty over your funds. If no one has your private keys but you, no one can do anything with your bitcoin—ever. No bank can censor your transactions, and no government can ban access to your funds. Bitcoin in a self-custodial wallet is uniquely yours, just like the dollar bills in your wallet.

The saying, “Not your keys, not your coins” reigns true, and freedom prevails.

In other news, bitcoin claimed another all-time high on Wednesday evening of over $124,000 before pulling back slightly as of Thursday afternoon. Bitcoin is touching $120,000 and is “boring.” Who would’ve thought that a year ago.

Stack SATs.

The views and opinions expressed here are for entertainment purposes only and should, in no way, be interpreted as financial or investment advice. Always conduct your own research when making an investment or trading decision, as each such move involves risk. The team members behind Triana are not financial advisors and do not claim to be qualified to convey information or advice that a registered financial advisor would convey to clients as guidance. Nothing contained in this e-mail/article constitutes, or shall be construed as, an offering of financial instruments, investment advice, or recommendations of an investment strategy. If you are seeking financial advice, find a professional who is right for you.