Senator Ted Budd Champions Cryptocurrency Rights with “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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