U.S. Senator introduces bill to uphold self-custody rights for cryptocurrency owners

Ted Budd has presented the “Keep Your Coins Act” to Congress, legislation designed to ensure individuals’ rights to directly manage their cryptocurrencies without compulsory third-party involvement.

Senator Budd (R-NC) has proposed a bill aiming to safeguard the autonomy of American citizens in handling their digital currencies.

Amidst increasing governmental attention towards the regulation of cryptocurrencies following the collapse of the FTX exchange, this bill, named the “Keep Your Coins Act,” presents a counter-narrative emphasizing financial freedom and personal control over digital assets.

The essence of the proposed legislation is to ensure that individuals retain the ability to engage in cryptocurrency transactions without mandatory reliance on third-party intermediaries, which can represent points of vulnerability as seen in recent crypto industry setbacks.

You might also like: US crypto legislation meets skepticism

The FTX debacle highlighted the potential risks associated with third-party involvements in digital asset transactions, leading to amplified calls for enhanced protective measures for consumers.

Senator Budd’s initiative aligns with a broader movement amongst certain U.S. officials advocating for increased decentralization within the cryptocurrency sector. The bill is not only a reaction to past events but also a proactive measure aimed at precluding federal agencies from enacting regulations that would prohibit or unduly restrict self-custody practices in the realm of cryptocurrencies.

Accompanying Senator Budd’s legislative efforts is Representative Warren Davidson, who previously introduced similar legislation in 2022. The coordinated attempt reflects a bipartisan understanding of the importance of digital asset self-sovereignty and the overarching principle of maintaining a decentralized ethos in the burgeoning crypto ecosystem.

Read more: SEC and CFTC find clarity in new legislation to regulate crypto
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million. Chinese Authorities Launch Investigation Into Crypto Mining Pool Hack A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack , the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis. According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen. The cyber attack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese aut...
Read more

Blockchain.com and TON Foundation introduce Toncoin incentive program

Image
Zug, Switzerland, October 18th, 2023, Chainwire Today, The Open Network Foundation ( TON Foundation ), the non-profit Swiss organization working towards growing a Web3 ecosystem within Telegram, has announced a collaborative endeavor with Blockchain.com, one of the world's most trusted and popular platforms for retail customers and institutions to buy, sell, and trade cryptocurrency.  Through this collaboration, Blockchain.com and TON Foundation will make crypto more accessible for the over 800 million monthly active users on Telegram. In September 2023, TON Space, the TON-based self-custody cryptocurrency wallet developed by the team behind Wallet, was made available in the Telegram settings menu for existing users of Wallet outside of the United States. Starting in November 2023, TON Space will be available by default in the Telegram menu for all Telegram users outside the United States. All existing and new Telegram users, excluding those in the United States, will be able to ac...
Read more

Flare (FLR) airdrops 15% of total supply to XRP holders before correcting by 76%

Image
After a 2-year wait, the layer-1 Flare blockchain has finally followed through and sent its tokens to those who held XRP at the time of the snapshot. The Flare (FLR) token Airdrop started on Mon., Jan. 9, nearly two years after a snapshot of Ripple (XRP) holders took place on Dec. 12, 2020. The FLR Airdrop was distributed at a ratio of 1.0073 FLR per 1 XRP and the initial distribution saw 15% of the total supply released to the community. A total of 28.5 billion FLR were distributed based on this methodology and according to Flare’s tokenomics, 58.3% of the total genesis FLR supply will be distributed over 36 months. Flare initial token distribution allocation. Source: Flare What is Flare? Flare is a Layer-1 Blockchain with an oracle system aiming to boost interoperability amongst decentralized applications (DApps) and blockchains. While the token only recently launched, the protocol launched its mainnet on July 11, 2022. To date, the Flare mainnet has already processed over 70 mi...
Read more