New Crypto Bill Gives Investors the Power to Keep Their Coins

US Senator Proposes the ‘Keep Your Coins Act’ to Promote Self-Custody of Crypto Assets in Congress

US Senator proposes ‘Keep Your Coins Act’ to promote self-custody of crypto assets.

Attention all crypto enthusiasts! A new bill has just entered the stage of the United States Senate, and it’s guaranteed to rock your digital asset world. Brace yourselves for the “Keep Your Coins Act,” brought to you by the one and only Senator Ted Budd (R-NC). This bill aims to put the power back into the hands of crypto holders, allowing them to maintain full custody of their assets without those pesky middlemen or third parties, like crypto exchanges, getting in the way.

Imagine a world where you have complete control over your crypto fortune, free from any interference by the Federal government. Sounds like a utopia, right? Well, that’s exactly what Senator Budd is aiming for with this bill. He wants to prohibit those Federal agencies from restricting the use of our beloved convertible virtual currency for personal purchases and other purposes. Want to buy a Tesla with your crypto? Go ahead, nobody can stop you now!

Senator Budd believes that this approach will not only protect consumers from risks and challenges but also foster financial freedom in a more decentralized cryptocurrency ecosystem. It’s like being handed the keys to the crypto kingdom, with a personal invitation to explore and discover all the treasures it holds.

This bill is not an isolated incident. Last year, Representative Warren Davidson (R-OH) introduced a similar action in the House. But alas, it couldn’t break free from the committee’s clutches to reach the full floor vote. Davidson, a stout advocate of self-custody wallets, wants to sink his teeth into preventing the government from taking a giant bite out of the crypto sector. He’s standing up for us, fighting against agencies like the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) who want to keep us under their watchful eyes.

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Both bills share the same mission – to decentralize the crypto industry even further, empowering individual users like never before. They aim to eliminate the problems that arise when third parties interfere or control our precious funds. It’s like breaking free from the chains of traditional banking and experiencing financial autonomy with a side of rebellious excitement.

In a plot twist, Senator Elizabeth Warren (D-MA), along with Senator Roger Marshall (R-Kan), filed an opposing bill last year. Their bill suggests imposing several limitations on the sector, particularly targeting unhosted or self-custody wallets. They want crypto networks and service providers to identify customers who dare to go independent and closely monitor their transactions. On top of that, the bill also seeks to ban financial institutions from using crypto mixer services. These sneaky platforms, like Tornado Cash, mix up our crypto transactions, making them as tricky to trace as a chameleon in a kaleidoscope.

But wait! There’s more to this gripping tale. Brace yourselves for the SEC Enforcement Action. Just a few months ago, Davidson fired the SEC Stabilization Act alongside Representative Tom Emmer (R-MN), calling for the restructuring of the SEC and the ousting of Gary Gensler. Davidson raised his voice on X (formerly Twitter), urging the protection of US capital markets from a “tyrannical Chairman.” In an official press release, SEC Chair Gary Gensler is accused of a “long series of abuses” under the current SEC structure.

It seems the SEC has become quite the villain in the crypto industry, facing criticism for its relentless enforcement actions. Chairman Gensler proudly announced that the Commission has filed over 780 actions in 2023, with standalone cases at around 500. Talk about a busy bunch! And they’re not just throwing punches; they’ve secured judgments and orders totaling a whopping $5 billion. Who knew the SEC was such a financial heavyweight? But fear not, my fellow investors, amidst all this chaos, $930 million has been distributed to affected individuals.

So, dear readers, as this crypto bill drama unfolds, we’re reminded that the world of digital assets is constantly evolving. We have champions like Senator Budd and Representative Davidson fighting for our rights and autonomy, while others attempt to tighten their grip. It’s up to us to stay informed, engaged, and make our voices heard in this thrilling saga. The revolution is underway, and the power to keep your coins is within your grasp.

Just remember, that’s not just lightning in your digital wallet; that’s the spark of freedom in your hands.

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