Senator Ted Budd introduces the Keep Your Coins Act to preserve the autonomy of cryptocurrency users, allowing self-custody of digital assets and transactions without third-party interference. This legislative move follows the FTX exchange collapse, addressing vulnerabilities in centralized custody systems.
U.S. Senator Ted Budd (R-NC) has proposed the Keep Your Coins Act, aiming to empower cryptocurrency users after the FTX exchange collapse.
The legislation enables individuals to self-custody Bitcoin and other cryptocurrencies, emphasizing the importance of financial freedom and decentralization.
Anyone attacking self-custody is telling you they oppose individual freedom. They don't trust you and they want someone who they can control to control your assets.
Pass my Keep Your Coins Act to protect self-custody and #DefendFreedom.
cc: @SenWarren https://t.co/jZh4WI1W1K
— Warren Davidson 🇺🇸 (@WarrenDavidson) December 14, 2022
The act prohibits federal agencies from impeding users’ capacity to act as self-custodians. Meanwhile, Representative Warren Davidson’s Keep Your Coins Act focuses on preventing government regulations mandating third-party custodians for digital wallets.
Davidson supports self-custody as a safeguard against fraud, contrasting with Senator Elizabeth Warren’s approach to limit self-custody and advocate for transaction tracing. As the debate unfolds, Senator Budd asserts the necessity of empowering individuals to control their digital assets in a dynamic cryptocurrency landscape.