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

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

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 proposed a bill aiming to safeguard the autonomy of American citizens in handling their digital currencies.

Amidst increasing governmental attention towards the regulation of cryptocurrencies following the collapse of the FTX exchange, this bill, named the “Keep Your Coins Act,” presents a counter-narrative emphasizing financial freedom and personal control over digital assets.

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.

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 cryptocurrencies.

Accompanying Senator Budd’s legislative efforts is Representative Warren Davidson, who previously introduced similar legislation 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.