Senator Introduces 'Keep Your Coins Act' to Protect Right to Use Self-Hosted Wallets

The Keep Your Coins Act has been introduced in the Senate to allow individuals to maintain custody of their cryptocurrencies in self-hosted wallets. The bill also seeks to prohibit federal agencies from “proposing a rule that would impair a person’s ability to act as a self-custodian of digital assets.”

Keep Your Coins Act Introduced in Senate

Senator Ted Budd (R-NC) announced Tuesday that he has introduced the Keep Your Coins Act, which “would protect an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Specifically, the bill seeks to “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.”

The announcement details: “In the wake of the collapse of FTX, the Keep Your Coins Act would allow customers to maintain custody of their digital assets in self-hosted wallets and avoid third-party risks. The bill would prohibit any federal agency from proposing a rule that would impair a person’s ability to act as a self-custodian of digital assets.”

Senator Budd described:

As consumers face new challenges and risks associated with the use of digital currencies, we should be empowering individuals to maintain control over their own digital assets. This approach will foster financial freedom and a more decentralized cryptocurrency ecosystem.

In July, the U.S. House Committee on Financial Services passed the Keep Your Coins Act of 2023 (H.R. 4841), which was sponsored by Congressman Warren Davidson (R-OH).

Davidson previously explained on social media platform X: “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.” He also stated: “Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it.”

What do you think about the Keep Your Coins Act? Let us know in the comments section below.

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