US Senator Ted Budd (R-NC) has introduced a new bill, the Keep Your Coins Act, to protect citizens’ rights to self-custody Bitcoin and other cryptocurrencies. The bill aims to prohibit the federal government from enacting rules against self-hosted wallets.

Excerpts from the bill says that:

• “The right of the people to self-custody their crypto assets shall not be infringed.”
• “No person shall be required to use a third-party intermediary to access or use their crypto assets.”
• “The federal government shall not enact any rule or regulation that would have the effect of prohibiting or impeding the self-custody of crypto assets.”

Act will protect the right of Americans to self-custody

According to the senator,

“The government should not be in the business of telling people how they can manage their own money. The Keep Your Coins Act will protect the right of Americans to self-custody their crypto assets and ensure that they have full control over their own financial future.”

He further stated that

“Cryptocurrencies are a new and innovative technology with the potential to revolutionize the way we interact with money. However, in order for cryptocurrencies to reach their full potential, we need to ensure that people have the right to self-custody their assets.”

Protecting the adoption of cryptocurrencies

Further highlighting the necessity of the act, he said,

“The Keep Your Coins Act is a common-sense bill that would protect the rights of Americans and promote the growth and adoption of cryptocurrencies.”

The Keep Your Coins Act is a welcome development for the cryptocurrency industry. It shows that there is growing support for self-custody wallets and that lawmakers are taking the issue of crypto consumer protection seriously.

A fair and competitive marketplace for cryptocurrencies

The bill is also likely to have a positive impact on the adoption of cryptocurrencies. By making it easier for people to self-custody their cryptocurrencies, the bill will make cryptocurrencies more attractive to mainstream investors and businesses.

The Keep Your Coins Act is an important piece of legislation that would help to protect consumers and promote the adoption of cryptocurrencies. It is hoped that the bill will pass into law and help to create a more fair and competitive marketplace for cryptocurrencies.