U.S. Senator Ted Budd formally introduced the "Keep Your Coins Act" bill in the Senate on November 7. If approved, the bill will allow crypto users to directly custody their digital assets through personal self-custody wallets without the use of intermediaries, which will allow crypto users to retain "independent control" of their assets while preventing third parties from overstepping their authority. "As consumers face new challenges and risks associated with using digital currencies, we should empower individuals to maintain control of their digital assets," Budd said in a statement. "This approach will promote financial freedom and a more decentralized cryptocurrency ecosystem."

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