Senator Ted Budd (R-NC) presented the "Keep Your Coins Act" in the Senate.
Senator Ted Budd (R-NC) presented the "Keep Your Coins Act" in the Senate, which aims to protect individuals' rights to self-custody of their crypto assets while eliminating dependency on intermediaries. This legislative action comes at a critical point for the crypto industry, particularly in light of the FTX exchange collapse last year, which highlighted the need for self-custody of digital assets.
In his statement, Senator Budd stated, "As consumers face new challenges and risks associated with the use of digital currencies, we should be empowering individuals to maintain control over their own digital assets. This approach will foster financial freedom and a more decentralized cryptocurrency ecosystem."
This law, however, is expected to attract criticism, as Senator Elizabeth Warren (D-MA) filed her own bill last year aimed at limiting cryptocurrency self-custody. Warren's bill largely targeted non-hosted or self-custody crypto wallets, with the intention of requiring platforms and networks to identify and trace such clients' transactions. FinCEN has recommended similar laws in the past, but they have yet to be implemented.
Budd's proposal is consistent with a growing trend in Congress regarding crypto users' sovereignty, and it is similar to efforts presented by Representative Warren Davidson (R-OH). Davidson, a proponent of the cryptocurrency business, sponsored a similar bill in the House, concentrating on preventing government agencies from implementing regulations requiring the use of third-party custodians for digital wallets.
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