JUST

Read

Ted Budd has presented the “Keep Your Coins Act” to Congress, legislation designed to ensure individuals’ rights to directly manage their cryptocurrencies without compulsory third-party involvement. 
Senator Budd (R-NC) has <a href="https://www.budd.senate.gov/2023/11/07/budd-introduces-bill-to-empower-individuals-to-control-their-own-digital-assets/" data-type="link" data-id="https://www.budd.senate.gov/2023/11/07/budd-introduces-bill-to-empower-individuals-to-control-their-own-digital-assets/" target="_blank" rel="noopener">proposed a bill</a> aiming to safeguard the autonomy of American citizens in handling their digital currencies. 
Amidst increasing governmental attention towards the regulation of cryptocurrencies following the <a href="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/" data-type="link" data-id="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/">collapse of the FTX exchange</a>, this bill, named the “Keep Your Coins Act,” presents a counter-narrative emphasizing financial freedom and personal control over digital assets. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 JUST IN: 🇺🇸 US Senator Ted Budd introduces bill to protect the right to self-custody <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> &amp; crypto.— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1722306458509824194?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 8, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The essence of the proposed legislation is to ensure that individuals retain the ability to engage in cryptocurrency transactions without mandatory reliance on third-party intermediaries, which can represent points of vulnerability as seen in recent crypto industry setbacks. 
 You might also like: <a href="https://crypto.news/us-crypto-legislation-meets-skepticism/"> US crypto legislation meets skepticism </a> 
The FTX debacle highlighted the potential risks associated with third-party involvements in digital asset transactions, leading to amplified calls for enhanced protective measures for consumers. 
Senator Budd’s initiative aligns with a broader movement amongst certain U.S. officials advocating for increased decentralization within the cryptocurrency sector. The bill is not only a reaction to past events but also a proactive measure aimed at precluding federal agencies from enacting regulations that would prohibit or unduly restrict self-custody practices in the realm of <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/">cryptocurrencies</a>. 
Accompanying Senator Budd’s legislative efforts is Representative Warren Davidson, who previously introduced <a href="https://crypto.news/u-s-congressman-warren-davidson-bill-self-crypto/" data-type="link" data-id="https://crypto.news/u-s-congressman-warren-davidson-bill-self-crypto/">similar legislation</a> in 2022. The coordinated attempt reflects a bipartisan understanding of the importance of digital asset self-sovereignty and the overarching principle of maintaining a decentralized ethos in the burgeoning crypto ecosystem. 
 Read more: <a href="https://crypto.news/sec-and-cftc-find-clarity-in-new-legislation-to-regulate-crypto/"> SEC and CFTC find clarity in new legislation to regulate crypto </a>

U.S. Senator introduces bill to uphold self-custody rights for cryptocurrency owners

crypto.news

Other articles published on Nov 8, 2023

Top Trader Says No Resistance for Solana Until Well Above $100, Unveils Forecast for One Ethereum...

Ethereum Holders Turn to Dogecoin Alternative Following 20% Rally

Bitcoin Whales Hooked on New Meme Coin with 100x Potential

Expert flags this XRP price level as a golden buy zone

Circle Plans 2024 IPO Amid Regulatory Hurdles

Bitcoin (BTC) Price Analysis: Moderation After Again Testing 35912 – 9 November 2023

Join our free newsletter for daily crypto updates!