- U.S. Senator Ted Budd introduced the ‘Keep Your Coins Act’ to safeguard citizens’ rights to self-custody crypto.
- The proposed bill aims to prohibit federal agencies from restricting crypto usage by individuals for purchasing goods or services.
- The act disregards how users obtained their crypto and restricts federal agencies from limiting transactions.
U.S. Senator Ted Budd has introduced a new bill to protect citizens’ rights to self-custody cryptocurrencies. The Keep Your Coins Act bill was introduced to the Senate and House of Representatives in Congress.
The proposed bill would 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 other purposes.
The term “covered user” was used in the bill to describe someone who obtained the cryptocurrencies to purchase goods or services on that person’s behalf. Furthermore, the method by which the covered user obtained their crypto was seen as irrelevant.
According to the bill, no agency head may prohibit or otherwise restrict the ability of a covered user to “use virtual currency or its equivalent for such user’s purposes.” The bill mentioned that these purposes could include purchasing real or virtual goods and services for the person’s use.
Moreover, the bill would restrict federal agencies’ abilities to restrict a person from conducting transactions through a non-custodial wallet. The bill explained that a non-custodial or self-hosted wallet means an interface used to secure and transfer crypto under which the owner retains independent control.
The senator previously introduced the Financial Technology Protection Act in April 2023. The act’s main purpose was to combat terrorism and illicit financing and improve anti-money laundering efforts.
Similarly, another bill named the Keep Your Coins Act was introduced by Congressman Warren Davidson in February 2022. The act’s objective was similar to Budd’s Keep Your Coins Act, which was to preserve Americans’ right to privacy when transacting with crypto assets.
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