‘Keep Your Coins’ Act, presented by US Senator Ted Budd (R-NC), would protect an individual’s right to deal with bitcoin assets without the need for a mediator.
The goal of the new law is to allow individuals to maintain total control over their digital assets, including Bitcoin (BTC), without being reliant on exchanges or other intermediaries.
After FTX collapsed, the Keep Your Coins Act would have protected users’ digital assets from third-party risks by allowing them to be kept in custody in self-hosted wallets. The measure states that no federal agency could propose a rule that would make it more difficult for someone to act as a self-custodian of digital assets.
“We should be empowering individuals to maintain control over their own digital assets as consumers face new challenges and risks associated with the use of digital currencies,” stated Senator Ted Budd in a statement. This strategy will promote financial independence and a more dispersed bitcoin community.
Additionally, the measure would prohibit federal agencies from creating rules that prohibit the self-custody of bitcoin. The letter also lists Republican Representative Warren Davidson as a co-author of the legislation. Furthermore, Budd’s bill and Davidson’s 2022 plan are exact duplicates.