Bill blocks federal agencies from monitoring personal crypto use
S. 2284 — Keep Your Coins Act of 2025 · Filed by Ted Budd (R-NC) · 2 cosponsors · Introduced Jul 15, 2025 · Referred to committee
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What it does
This bill prohibits federal agencies from restricting individuals' ability to use cryptocurrency for personal purchases or to hold their own digital assets in self-hosted wallets. It prevents the government from blocking citizens' cryptocurrency transactions for lawful purposes, as long as the person is acting for their own use rather than as a business or intermediary.
Why we flagged it
The bill's operative mechanism is a blanket prohibition on federal agencies restricting personal cryptocurrency use and self-custody. While framed as a privacy/autonomy measure, it functionally constrains enforcement of anti-money-laundering, sanctions, and consumer-protection regimes that depend on transaction visibility and custody reporting.
What the text implies
- Prevents FinCEN, Treasury, and other agencies from enforcing Bank Secrecy Act reporting requirements on self-hosted wallets, potentially creating a blind spot for money laundering and sanctions evasion.
- May conflict with existing AML/KYC obligations on exchanges and custodians, creating a regulatory arbitrage where individuals move assets to unmonitored self-hosted wallets to evade reporting.
- Does not explicitly carve out criminal activity, but 'lawful purpose' is undefined and may be litigated; agencies may lack tools to distinguish lawful personal use from illicit activity.
- Cryptocurrency volatility and fraud risks (rug pulls, exchange collapses, wallet hacks) are not mitigated by this bill; individuals holding self-hosted assets bear full custody and security risk without regulatory safeguards.
- May incentivize regulatory arbitrage: individuals and small businesses could use self-hosted wallets to avoid transaction reporting, undermining tax compliance and financial crime detection.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Citizens gain freedom to use cryptocurrency without government interference, which may enhance financial autonomy and privacy. However, the bill may undermine federal agencies' ability to enforce anti-money-laundering, sanctions compliance, and consumer-protection rules that depend on transaction visibility and custody oversight — creating risks of financial crime, sanctions evasion, and fraud that ultimately harm ordinary people.
Who stands to gain
- cryptocurrency exchanges and wallet providers (reduced regulatory compliance burden)
- self-hosted wallet software developers
- cryptocurrency market participants seeking reduced transaction visibility
Named in the bill
Federal agencies (FinCEN, Treasury, SEC, CFTC, OCC), Cryptocurrency exchanges, Self-hosted wallet providers, Convertible virtual currency market participants
Where it stands
2 cosponsors: 2 Republicans.
- Jul 15, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Jul 15, 2025 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
2 lobbying clients named this bill on 2 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $130,000 in lobbying spend. A filing names 3 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 41% of bills with at least one filing.
Ted Budd, the sponsor, reported $311,250 in PAC receipts in the 2026 cycle.
- Exodus Movement, Inc. — $70,000 on 1 filing
- Exodus Movement, Inc. — $60,000 on 1 filing
Lobbying Disclosure Act filings through Jul 13, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,646 characters) on Oct 31, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,778 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 13, 2026 · page rendered 2026-10-31.
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