Senator Ted Budd Champions Cryptocurrency Rights with "Keep Your Coins Act"

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by Nik Asti

Published: November 10, 2023 at 1:04 am Updated: November 10, 2023 at 1:05 am

by Victor Dey

Edited and fact-checked:
November 10, 2023 at 1:04 am

U.S. Senator Ted Budd is making a stand for cryptocurrency autonomy with the introduction of the “Keep Your Coins Act“.

This proposed legislation aims to ensure Americans can freely use cryptocurrencies like Bitcoin without mandatory reliance on third-party services.

The bill takes aim at federal agencies, aiming to block any limitations on using convertible virtual currencies for personal transactions. This ensures that individuals retain the freedom to use digital currencies such as Bitcoin for their private purchases and financial exchanges.

Empowering Personal Cryptocurrency Use

The bill states that federal agency heads should not have the power to forbid or restrict someone’s use of virtual currency for personal purchases. It emphasizes the individual’s right to engage in private transactions without government interference.

This bill includes provisions to preserve the right to carry out transactions through self-hosted wallets. These wallets enable individuals to exert complete control over their virtual assets, free from external intervention.

This autonomy in managing digital currencies is a significant step toward enhancing personal financial sovereignty in the digital age.

The proposed act acknowledges convertible virtual currencies as mediums of exchange, equivalent in value to traditional currency or serving as substitutes, even though they may not have all the attributes of legal tender. It defines a ‘covered user’ as someone who acquires such currency for personal use, no matter the acquisition method.

Self-Hosted Wallets: A Path to Independence

A crucial aspect of the bill is the definition of ‘self-hosted wallets’ as interfaces that secure and transfer virtual currency while granting owners complete control over their assets.

This provision supports a decentralized approach to managing cryptocurrencies. It challenges the prevailing belief that centralized regulation and oversight are necessary.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti