Kentucky Governor Andy Beshear has signed a bill known as the 'Bitcoin Rights' bill, providing protections for cryptocurrency users.
Details of the Bitcoin Rights Bill
The bill was first introduced by Representative Adam Bowling to the Kentucky House on February 19. It safeguards the right to use digital assets and self-custody wallets, bans local zoning changes that discriminate against crypto mining, and outlines guidelines for running a crypto node. It also excludes crypto mining from money transmitter license requirements and specifies that mining and staking are not considered offering or selling a security. The bill received unanimous support in both the House and Senate of Kentucky.
Development of Bitcoin Reserve Legislation in Other States
Concurrently, Kentucky has introduced a bill to establish a Bitcoin reserve that would allow the State Investment Commission to allocate up to 10% of excess state reserves into digital assets including Bitcoin.
Other States' Stances on Bitcoin Reserves
Meanwhile, in Oklahoma, the Strategic Bitcoin Reserve Act has passed the State House of Representatives. The bill now moves to the Senate before the governor can sign it into law. Arizona is also advancing its digital asset reserve bills, leading other states in this legislative effort.
The new legislation shows the states' efforts to regulate and legitimize the use of digital assets, potentially marking a significant step towards integrating cryptocurrencies into the economic system.
