Senator Ted Budd (R-NC) has proposed the Keep Your Coins Act, which is an update to the existing Coinage Clause in the United States Constitution.
The idea behind the act was inspired by the recent conviction of Silicon Valley billionaire entrepreneur, Martin Shkreli, who attempted to manipulate the price of a cancer-treating drug.
The Keep Your Coins Act would encumber federal prosecutors by requiring them to demonstrate that a purchaser of�an exchangeable commodity or currency, such as gold, silver, or any convertible currency, is an individual engaged in fraudulent activity before charging them with a criminal offense.
The proposed Act is meant to promote openness and transparency in financial markets, while also providing better protections for aspirational and legitimate investors.
