Senator Ted Budd Introduces the Keep Your Coins Act
Senator Ted Budd (R-NC) has introduced the Keep Your Coins Act in the Senate, a bill that aims to protect individuals’ rights to self-custody their crypto assets without being required to rely on intermediaries. This legislation is particularly significant given the recent FTX exchange collapse, which has drawn attention to the importance of self-sovereignty in digital asset management.
In a statement, Senator Budd emphasized the need to empower individuals to maintain control over their digital assets, citing the challenges and risks associated with the use of digital currencies. He believes that this approach will promote financial freedom and contribute to a more decentralized cryptocurrency ecosystem.
Opposition from Senator Elizabeth Warren
However, Senator Budd’s bill is likely to face opposition from Senator Elizabeth Warren (D-MA), who introduced her own legislation last year to restrict self-custody of crypto assets. Her bill targeted unhosted crypto wallets, proposing requirements for platforms and networks to identify and track such customers’ transactions.
Congress’ Growing Support for Cryptocurrency Autonomy
Senator Budd’s proposal aligns with growing support in Congress for the autonomy of cryptocurrency users, echoing previous initiatives by Representative Warren Davidson (R-OH). Davidson introduced a similar bill in the House last year, aiming to prevent federal agencies from enforcing regulations that would mandate the use of third-party custodians for digital wallets.
Additionally, there are concerns about the Securities and Exchange Commission’s (SEC) approach to cryptocurrency regulation. Some lawmakers, including Davidson, are critical of the SEC’s recent enforcement actions against crypto exchanges and its stance on new technologies such as staking and stablecoins.
Hot Take: The Future of Crypto Regulation
The introduction of the Keep Your Coins Act by Senator Ted Budd reflects a broader debate within Congress about the regulation of cryptocurrency. With conflicting perspectives on the role of federal agencies like the SEC and ongoing efforts to balance autonomy with oversight in the crypto industry, it’s clear that this issue will continue to be a point of contention in legislative discussions.
By
By
By
By
By