Senator Ted Budd Brings Crypto Custody Bill to Senate Floor

Maxwell Mutuma
November 9, 2023
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Maxine Waters Unveils New Stablecoin Regulation Draft Amid GOP Push

In response to the need for enhanced security in the cryptocurrency space, Senator Ted Budd has introduced the “Keep Your Coins Act” to the United States Congress. The legislation is a decisive step towards allowing individuals to retain direct control over their digital currencies. It seeks to protect the autonomy of cryptocurrency users by ensuring their right to self-custody, thus reducing dependence on third-party exchanges and custodial services.

Aimed at addressing the vulnerabilities exposed by the FTX collapse, the bill is a significant stride in safeguarding investors’ assets from the pitfalls of centralized financial platforms. The act asserts the rights of individuals to use virtual currencies for personal transactions without undue federal restrictions.

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Senator Ted Budd Proposes Decentralized Crypto Control

The legislation emerges amidst considerable disruption within the cryptocurrency market. Senator Budd has emphasized user empowerment’s importance in facing these challenges. His bill proposes reinforcing financial independence and promoting a decentralized cryptocurrency framework.

The initiative intends to enhance financial autonomy and provide a bulwark against the inherent risks associated with centralized crypto exchanges. The bill’s prohibition of federal intervention against self-hosted wallets marks a pivotal moment for the crypto community, signaling a move towards greater user agency.

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Bipartisan Bills Push Crypto Self-Custody

The Senate’s effort resonates with actions previously taken in the House of Representatives. Representative Warren Davidson had introduced a similar bill, which successfully advanced through a House committee in the previous year. Although pending a comprehensive vote, Davidson’s advocacy complements Senator Budd’s initiative.

The legislative efforts in both chambers of Congress reflect a concerted endeavor to embed personal control over assets at the heart of the cryptocurrency conversation. The goal is to mitigate the risk of third-party interference and preserve the essential freedoms that are the cornerstone of financial transactions in the digital age.

Read Also: NYSE Ex-President in Lead to Revive FTX Exchange

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.