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U.S. State's Bitcoin Law Remains in the Final Stage: All Eyes Are on This Name! - Coin Newsletter
The state of Kentucky has passed a bill that protects the right of Bitcoin (BTC) investors to use their own wallets and supports mining activities; The final approval is now up to the Governor's signature.
The Kentucky State Senate unanimously passed the HB 701 bill, which is of great interest to Bitcoin users and miners, in a vote last night. The bill, known as the Blockchain Digital Assets Act, guarantees the right of Bitcoin holders to store (self-hosted wallet)** cryptocurrencies in their own wallets and prevents discriminatory local regulations on mining activities. Now all attention is on the final decision of the state governor.
The bill was first passed in the Kentucky House of Representatives on Feb. 28 by a vote of 91 to zero. With the passage of the state Senate by a similar vote of 37 to zero, Bitcoin users and miners are just one step away from achieving the long-awaited legal safeguard.
Kentucky's move will put Bitcoin mining on a legal footing, preventing local governments from creating difficulties for miners with discriminatory zoning regulations. In addition, the law exempts individuals and companies involved in Bitcoin mining from the Kentucky money transfer licensing requirement. This will pave the way for small-scale miners in the state.
At the same time, according to the law, cryptocurrency mining and staking services will not be explicitly classified as securities under Kentucky law. With this move, Kentucky aims to be at the forefront of Bitcoin-friendly states.
If the Governor of Kentucky approves this law, the state will take an important step that will set an example for other states across the USA.