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.
— 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.