US Senator Ted Budd (R-NC) has presented the Keep Your Coins Act, which would safeguard a person’s ability to interact with cryptocurrency assets without the assistance of a third-party middleman.

The new law intends to give people the freedom to keep complete control over their digital assets, such as Bitcoin (BTC), independent of exchanges or other middlemen.

The Keep Your Coins Act would have allowed users to keep custody of their digital assets in self-hosted wallets and shield them from third-party risks following the collapse of FTX. A rule that would make it more difficult for someone to serve as a self-custodian of digital assets could not be proposed by any federal agency, according to the bill.

Senator Ted Budd said in a statement, “As consumers face new challenges and risks associated with the use of digital currencies, we should be empowering individuals to maintain control over their own digital assets. This approach will foster financial freedom and a more decentralized cryptocurrency ecosystem.”

The law would also forbid federal agencies from formulating regulations that forbid cryptocurrency self-custody. The message also mentions Representative Warren Davidson, a Republican, as a co-author of the bill. Additionally, Budd’s bill is identical to Davidson’s 2022 proposal.

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