US Senator Introduces "Keep Your Coins Act" in Support of Self-Custody of Cryptocurrencies

Senator Ted Budd has called for the introduction of a bill titled the "Keep Your Coins Act" in the U.S. Senate. This bill holds significant importance for the cryptocurrency industry and all those interested in digital assets. It is aimed at providing individuals with the ability to independently manage their cryptocurrencies, bypassing third-party intermediaries.

Since the emergence of cryptocurrencies, many investors and users have faced various challenges and risks. Exchange thefts, wallet hacks, and security issues have become commonplace occurrences. These incidents, along with the increasing regulation of cryptocurrencies in some countries, have created the need to protect digital assets and have control over them.

The "Keep Your Coins Act" bill serves as a response to these issues. It proposes to establish the right of private individuals to store their cryptocurrencies with non-custodial means, i.e., without the intervention of third-party organizations. This means that investors can manage their assets without being exposed to the risks associated with the actions of exchanges and cryptocurrency custodial services.

Senator Ted Budd emphasizes the importance of financial freedom and decentralization in the world of cryptocurrencies. He believes that as the industry evolves, authorities should provide individuals with the opportunity to control their assets. This contributes to the creation of a more decentralized and free crypto ecosystem.

This bill is not the only effort by U.S. Senators to protect the cryptocurrency rights of individual users. Last year, Senator Warren Davidson introduced a similar bill aimed at preventing government control over users' assets. Although the House Committee considered this bill in July, it has not yet been brought to a vote.