Senator Introduces ‘Keep Your Coins Act’ to Protect Right to Use Self-Hosted Wallets

The Keep Your Coins Act has been launched within the Senate to permit people to take care of custody of their cryptocurrencies in self-hosted wallets. The invoice additionally seeks to ban federal companies from “proposing a rule that would impair a person’s ability to act as a self-custodian of digital assets.”

Keep Your Coins Act Introduced in Senate

Senator Ted Budd (R-NC) introduced Tuesday that he has launched the Keep Your Coins Act, which “would shield a person’s proper to conduct transactions with cryptocurrency belongings with out the necessity to make the most of a third-party middleman.” Specifically, the invoice seeks to “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.”

The announcement particulars: “In the wake of the collapse of FTX, the Keep Your Coins Act would enable prospects to take care of custody of their digital belongings in self-hosted wallets and keep away from third-party dangers. The invoice would prohibit any federal company from proposing a rule that may impair an individual’s capability to behave as a self-custodian of digital belongings.”

Senator Budd described:

As shoppers face new challenges and dangers related to using digital currencies, we must be empowering people to take care of management over their very own digital belongings. This strategy will foster monetary freedom and a extra decentralized cryptocurrency ecosystem.

In July, the U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841), which was sponsored by Congressman Warren Davidson (R-OH).

Davidson beforehand defined on social media platform X: “Anyone attacking self-custody is telling you they oppose individual freedom. They don’t trust you and they want someone who they can control to control your assets.” He additionally acknowledged: “Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it.”

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