Bitcoin Rights Bill Becomes Law in Kentucky: What Does This Mean for the Future of Crypto?
Bitcoin Rights – On March 24, Kentucky Governor Andy Beshear signed the “Bitcoin Rights” bill into law, providing significant protections for crypto users. Known as House Bill 701 (HB701), the law safeguards the right to self-custody, the ability to run a crypto node, and the use of digital assets without the fear of discrimination. This marks a major step for cryptocurrency advocacy in the United States.
Key Provisions of the Bill
HB701 was initially introduced by Rep. Adam Bowling on February 19 and later passed the Kentucky House of Representatives on February 28 with unanimous approval. The bill also passed the state Senate on March 13, with all senators voting in favor. Among its key provisions, HB701 bans local zoning changes that discriminate against crypto mining and specifies that mining and staking are not considered to be offering or selling securities. Additionally, it excludes crypto mining from money transmitter license requirements and offers clear guidelines for running a crypto node.
Kentucky’s Bitcoin Reserve Bill and Broader Impact
Kentucky has also proposed a Bitcoin reserve bill, allowing the state to allocate up to 10% of its excess reserves into digital assets like Bitcoin (BTC), which is currently priced at $86,440. This bill is still under review but could position Kentucky as a key player in the growing movement of state-backed Bitcoin reserves.
Other States Pushing Bitcoin Reserve Legislation
Other states are following suit, with Oklahoma advancing its own Bitcoin legislation. Oklahoma’s House Bill 1203, also known as the Strategic Bitcoin Reserve Act, passed the state House with a 77-15 vote. It now moves to the Senate for final approval. Texas and Arizona are also progressing with similar bills, indicating growing support for Bitcoin reserves across the nation.
As Bitcoin continues to gain mainstream attention, the supportive legislative actions from these states highlight the increasing momentum for crypto adoption at the state level. The growing trend of state-backed Bitcoin reserves could have a long-term impact on the market and the regulatory landscape.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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