On March 24, Governor of Kentucky Andy Beshear signed House Bill 701, which protects the rights of cryptocurrency users. This takes place as similar initiatives are advancing in other US states.
House Bill 701: Supporting Crypto Users
On February 19, House Bill 701 was introduced in the Kentucky House by Representative Adam Bowling. It protects the freedom to use digital assets and self-custody wallets and prevents local zoning changes that harm crypto mining. The document also outlines how to run crypto nodes and emphasizes that crypto mining does not require a money transmitter license, and that mining and staking are not considered selling or offering a security. The bill was passed by the House of Representatives on February 28 with 91 votes and by the Kentucky Senate on March 13 with 37 votes.
Bitcoin Reserve Bills in Other States
A bill has been introduced in Kentucky to create a Bitcoin reserve. If passed, the State Investment Commission would be able to invest up to 10% of the state's surplus reserves in digital assets. Meanwhile, in Oklahoma, House Bill 1203, aimed at creating a Strategic Bitcoin Reserve, was passed with 77 votes. Other states like Arizona and Missouri are also working on similar initiatives.
Competing for Leadership in Crypto
As legislation in Oklahoma and Arizona moves forward, these states, along with Texas, continue to compete to establish an official Bitcoin reserve. Arizona is currently in the lead after the passage of two bills related to a strategic digital asset reserve through the House Rules Committee. Lawmakers in Missouri are also considering creating a Bitcoin reserve, demonstrating increasing competition among states for cryptocurrency initiatives.
In conclusion, Kentucky and other states like Oklahoma and Arizona are now taking concrete steps to support cryptocurrency users. Kentucky's new law is a significant move forward as it protects people's right to use and hold digital money, like Bitcoin.
