Crypto Mining: Crypto-Friendly Legislation Passed in Ohio
Crypto Mining– Ohio’s House of Representatives has passed House Bill 116, also known as the Ohio Blockchain Basics Act, in a 70-26 vote. The legislation introduces broad protections for crypto users and miners, and it now heads to the Senate before reaching Governor Mike DeWine’s desk.
The bill passed unanimously (13-0) in the Technology and Innovation Committee earlier the same day, gaining bipartisan support. Republican Representative Steve Demetriou, who sponsored the bill, said its main objectives are to ease crypto payments and protect mining operations from “discriminatory government overreach.”
$200 Crypto Transactions Could Become Tax-Exempt
One of the key provisions of the bill is the exemption of crypto transactions under $200 from capital gains taxes. This threshold would adjust annually with inflation and be rounded to the nearest $5, preventing future reductions. The bill also prohibits Ohio state agencies from banning crypto payments.
The proposed legislation permits crypto mining in residential areas if local noise and zoning laws are followed. Mining businesses that meet local regulations would be allowed to operate in industrial zones statewide. Importantly, the bill restricts rezoning actions that could unfairly target crypto miners and allows them to challenge such decisions in court.
The bill further clarifies that activities like mining, staking, running nodes, or crypto-to-crypto swaps don’t require a money transmitter license. It also emphasizes that these activities do not constitute offering a security or investment contract.
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.
