Rep. Ted Budd, an American businessman and politician serving as the junior United States senator for North Carolina, has introduced a new bill that would allow investors in digital assets to keep their coins safe from the collapse of trading platforms like FTX. The bill is titled “Keep Your Coins Act” and will seek to allow investors to self-custody their cryptocurrencies.
The “Keep Your Coins Act” was introduced by Ted Budd earlier this week in the Senate, and it made headlines in the past 24 hours. The goal of the new bill is to reduce reliance on third-party applications since they pose significant risks to investors. If passed, crypto investors in the United States will not require intermediaries and can hold assets in personal, self-hosted wallets.
“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,” Senator Budd said. “This approach will foster financial freedom and a more decentralized cryptocurrency eco.”
The new bill also seeks to prevent the involvement of the Federal government in the process in any way. Interestingly, Republicans have been very supportive of the digital asset sector and have introduced several similar bills recently. As stated by Ted Budd, the goal is “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.”
Additionally, Ted Budd also stated that the new bill will protect consumers from several risks and challenges they are exposed to in dealing with cryptocurrencies if the “Keep Your Coins Act” is approved because they will have total control of the funds
It is crucial to note that last year, Rep. Warren Davidson, the US representative for Ohio’s 8th congressional district, introduced a similar action in the House. In July, the US lawmaker’s “Keep Your Coins Act” passed the House committee but did not get a full floor vote. Davidson is a well-known crypto supporter who seeks to prevent too much government involvement in the digital asset sector
As reported earlier by Bitnation, Majority Whip of the United States House of Representatives Tom Emmer, along with 49 initial co-sponsors, reintroduced legislation designed to prevent non-elected officials in Washington from creating a central bank digital currency (CBDC).
