U.S. Senator Ted Budd has introduced a new bill called the Keep Your Coins Act to protect citizens' rights to self-storage Bitcoin and other cryptocurrencies.
US Senator Introduces Bitcoin and Cryptocurrency Custody Bill
The bill aims to protect individuals from using crypto assets to trade without the need to use third-party intermediaries.
This legislative action comes at a critical juncture for the crypto industry, which has highlighted the need for self-custody of digital assets, especially in light of the FTX exchange collapse last year.
The Keep Your Coins Act will empower individuals to control their own digital assets by allowing customers to retain custody of their digital assets.
“As consumers face new challenges and risks associated with the use of digital currencies, we must empower individuals to take control of their digital assets,” Senator Budd said in a statement.
“This approach will promote financial freedom and a more decentralized cryptocurrency ecosystem,” he said.
Budd's proposal expresses a growing trend in Congress regarding the sovereignty of crypto users. It is also similar to efforts offered by Rep. Warren Davidson.
Davidson, an advocate for the cryptocurrency industry, has sponsored a similar bill in the House, focused on blocking government regulations requiring the use of third-party custodians for digital wallets.
*This is not investment advice.