{"id":82239,"date":"2023-11-08T15:08:05","date_gmt":"2023-11-08T20:08:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/senator-ted-budd-proposes-keep-your-coins-act-following-sbfs-conviction-senator-ted-budd-proposes-keep-your-coins-act-following-sbfs-conviction\/"},"modified":"2023-11-08T15:08:30","modified_gmt":"2023-11-08T20:08:30","slug":"senator-ted-budd-proposes-keep-your-coins-act-following-sbfs-conviction-senator-ted-budd-proposes-keep-your-coins-act-following-sbfs-conviction","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82239","title":{"rendered":"Senator Ted Budd Proposes Keep Your Coins Act Following SBF’s Conviction Senator Ted Budd Proposes Keep Your Coins Act Following SBF’s Conviction"},"content":{"rendered":"
\n

Senator Ted Budd (R-NC) introduced a bill yesterday that would see crypto users\u2019 assets kept in self-hosted wallets in hopes of mitigating third-party risk.\u00a0<\/p>\n

Self-hosted wallets\u00a0<\/h2>\n

<\/span>
The bill, appropriately titled the \u201cKeep Your Coins Act,\u201d was formally introduced by Budd in the Senate on November 7th, 2023.\u00a0<\/p>\n

If approved, the \u201cKeep Your Coins Act\u201d would give crypto users direct custody of their digital assets without requiring the use of an intermediary through personal self-hosted wallets. According to the bill, this would allow crypto users to retain \u201cindependent control\u201d of their assets while preventing a third-party overreach.<\/p>\n

\u201cAs 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,\u201d Senator Budd said in a statement. \u201cThis approach will foster financial freedom and a more decentralized cryptocurrency ecosystem.\u201d<\/p>\n

Post-SBF enforcement<\/h2>\n

<\/span>
The introduction of Budd\u2019s bill comes less than a week after FTX founder, Sam Bankman-Fried, was found guilty on seven counts including wire fraud and money laundering. By the time his exchange collapsed in November 2022, Bankman-Fried had directed the misappropriation of over a total of $8 billion of customer assets.\u00a0<\/p>\n

The trial put a spotlight on the prospect of the greater discussion surrounding the area of crypto regulation and legislation.\u00a0<\/p>\n

In a press conference held shortly after the verdict was announced, U.S. Attorney Damian Williams claimed that while cryptocurrency may be new, \u201cthis kind of fraud, this kind of corruption is as old as time.\u201d<\/p>\n

Williams went on to state that Bankman-Fried\u2019s conviction served as \u201ca warning\u201d to perpetrators of similar crimes, promising they would \u201chave enough handcuffs for all of them.\u201d<\/p>\n

Crypto legislative attempts\u00a0<\/h2>\n

<\/span>
This is not the first time Budd has introduced crypto legislation. Most notably, Budd was one of four senators to introduce the Financial Technology Protection Act aimed at studying and countering terrorists\u2019 use of cryptocurrencies in April 2023.<\/p>\n

In a statement on his website, Budd claims the \u201cKeep Your Coins Act\u201d will serve to protect direct transactions between individuals without third-party involvement. The bill itself aims to prohibit \u201cFederal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person\u2019s own use, and for other purposes.\u201d<\/p>\n

Previously, Representative Warren Davidson (R-OH) was able to introduce a House companion bill named the \u201cKeep Your Coins Act of 2023.\u201d It passed the House Financial Services Committee in July 2023, though has not been further voted on.<\/p>\n

The future of the bill remains unclear.<\/p>\n

\n
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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Senator Ted Budd (R-NC) introduced a bill yesterday that would see crypto users\u2019 assets kept in self-hosted wallets in hopes of mitigating third-party risk.\u00a0 Self-hosted wallets\u00a0 The bill, appropriately titled the \u201cKeep Your Coins Act,\u201d was formally introduced by Budd in the Senate on November 7th, 2023.\u00a0 If approved, the \u201cKeep Your Coins Act\u201d would […]<\/p>\n","protected":false},"author":1,"featured_media":82240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-82239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSenator Ted Budd Proposes Keep Your Coins Act Following SBF's Conviction Senator Ted Budd Proposes Keep Your Coins Act Following SBF's Conviction | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Senator Ted Budd (R-NC) 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