Keep Your Coins Act: Senate Introduction
Senator Ted Budd (R-NC) recently introduced the Keep Your Coins Act in the Senate to safeguard individuals’ right to conduct cryptocurrency transactions without relying on a third-party intermediary. The bill aims to prevent federal agencies from limiting the use of virtual currency for purchasing goods or services and other purposes.
The Keep Your Coins Act is particularly timely in light of the FTX collapse, as it would enable customers to maintain custody of their digital assets in self-hosted wallets, thus avoiding third-party risks. Furthermore, the bill would bar any federal agency from proposing rules that would undermine an individual’s ability to act as a self-custodian of digital assets.
“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,” said Senator Budd. “This approach will foster financial freedom and a more decentralized cryptocurrency ecosystem.”
House Committee Action and Sponsor’s Views
In July, the U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841), sponsored by Congressman Warren Davidson (R-OH). On social media, Davidson emphasized that opposing self-custody is tantamount to opposing individual freedom and that self-custody is essential in protecting assets from fraudulent practices like those seen with FTX.
Hot Take: The Importance of Self-Custody
The Keep Your Coins Act is significant for cryptocurrency users as it aims to protect their ability to manage digital assets independently. This legislative effort reflects an understanding of the need for financial autonomy and security in the ever-evolving digital economy.
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