US Senator Ted Budd has introduced a bill ‘Keep your coins’ (hold your coins) last Tuesday (7). In short, the project aims to strengthen the self-custody practice of cryptocurrency investors, but may have other interpretations.
“Prohibit federal agencies from restricting the use of convertible virtual currencies (cryptocurrency) by any person to acquire goods or services for personal use and other purposes.”points to the bill.
In other words, if the bill passes, it would legalize cryptocurrencies as a form of money in the US, banning them from being treated solely as a form of investment.
The text then states that users of cryptocurrency should have the right to do so “carry out transactions via a self-hosted server”. In other words: using self-custodial wallets, without having to rely on third parties such as brokers or other services.
“The use of virtual currency or its equivalent for the user’s own purposes, such as purchasing real or virtual goods and services for the user’s own use.”
Following this, the senator also points out that cryptocurrencies do not need to be converted into legal tender, as happened with Bitcoin in El Salvador, in order to be used in the trade of goods and services.
“As consumers face new challenges and risks associated with using digital currencies, we must empower individuals to maintain control over their own digital assets”said US Senator Ted Budd. “This approach will promote financial freedom and a more decentralized cryptocurrency ecosystem.”
The project had already been presented at the American Congress
The ‘Keep Your Coins’ bill was already presented in July this year by US Congressman Warren Davidson. However, it did not have enough support to pass and become law. Therefore, Senator Ted Budd’s support could reinvigorate the project.
In addition to cryptocurrencies such as Bitcoin, the bill would also affect stablecoins which, due to their lack of volatility, may have greater market acceptance. Regardless, cryptocurrencies are still used by most people today as an investment instrument, but some are already using them for payments.
Finally, other American politicians go even further. For example, Senator Ted Cruz has already tried to force merchants to accept cryptocurrencies in the Capitol complex. Recently, Cruz started accepting donations in cryptocurrencies to fund his re-election campaign.
Be that as it may, both Bitcoin and other cryptocurrencies have already infiltrated our economy, and have been the subject of several US and other presidential candidates. Therefore, we can expect more and more accounts related to this growing sector.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
