US Senator Ted Budd (R-NC) has introduced a new bill to protect the right of citizens to self-custody Bitcoin and other crypto. Dubbed the “Keep Your Coins Act”, the bill “protects an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Budd has stated that the act seeks to prevent third-party risks to consumers amid the FTX collapse. Furthermore, the bill would prohibit federal agencies from crafting rules that disallow self-custody in crypto, and Republican Representative Warren Davidson is a companion to the legislation. This bill is a push for digital assets and financial freedom among United States citizens, and is a response to the FTX collapse.
This is good news as it is in line with the government’s push for greater decentralization in the industry. The bill protects citizens from third-party risks associated with the use of digital currencies, and encourages financial freedom and a more decentralized cryptocurrency ecosystem.
This bill is an important step towards creating a safe and secure environment for digital assets, and will help ensure that citizens are able to maintain control over their own digital assets.
You can read more about this topic here: Watcher Guru: US Senator Introduces Bill to Protect Bitcoin Self-Custody