Kentucky Governor Andy Beshear has officially signed the “Bitcoin Rights” bill into law, which protects the rights of cryptocurrency users in the state. This new measure, known as House Bill 701, was designed to ensure users can self-custody their digital assets, run crypto nodes, and mine without facing discrimination. The bill received unanimous support in both the House and Senate before being signed into law on March 24. In addition to Kentucky, Oklahoma is also progressing on its own Bitcoin reserve legislation, which would allow state funds to be allocated to cryptocurrencies, reflecting a growing trend among U.S. states to embrace digital assets.
Kentucky Takes a Step Forward with “Bitcoin Rights” Bill
Kentucky’s Governor, Andy Beshear, has officially signed a groundbreaking legislation popularly known as the “Bitcoin Rights” bill. This law aims to provide strong protections for cryptocurrency users in the state. The move comes as other states like Oklahoma are also advancing similar Bitcoin reserve legislations.
Crypto advocacy group Satoshi Action Fund announced that the newly passed House Bill 701 ensures the right to self-custody digital assets and operate a crypto node. This means users can now engage with digital currencies without fearing discrimination or legal repercussions. Specifically, the measure prohibits local governments from making zoning changes that could negatively impact crypto mining activities.
House Bill 701, introduced by Rep. Adam Bowling, received overwhelming support, passing the Kentucky House with 91 votes in favor and then sailing through the Senate unanimously. Governor Beshear signed it into law on March 24, marking a significant win for crypto enthusiasts in Kentucky.
The legislation outlines guidelines on running a crypto node and offers clarity by stating that mining and staking are not classified as securities offerings. Beyond protecting crypto users, Kentucky is also considering a bill that would allow the state to invest up to 10% of its excess reserves in digital assets like Bitcoin.
Other states are taking notes. Oklahoma’s Strategic Bitcoin Reserve Act is advancing as well, having successfully passed the State House with a vote of 77 to 15. If passed into law, it would allow Oklahoma to establish its own Bitcoin reserve strategy.
As these developments unfold, states across the U.S. are rapidly exploring frameworks to support Bitcoin and other cryptocurrencies. Arizona is in the lead, with its strategic reserve bills moving through legislative channels as well.
With the cryptocurrency landscape evolving quickly, Kentucky’s new law and similar initiatives from other states signal the growing importance of digital assets in American governance and finance. The future looks promising for crypto enthusiasts as more legislation emerges to safeguard their rights and investments.
Tags: Bitcoin Rights Bill, Andy Beshear, cryptocurrency legislation, digital assets, Kentucky news, Oklahoma Bitcoin reserve, Satoshi Action Fund, crypto mining protections, self-custody wallets
What is the “Bitcoin Rights” bill signed by the Kentucky governor?
The “Bitcoin Rights” bill is a new law in Kentucky that helps protect the use of Bitcoin and other cryptocurrencies. It aims to support people who want to use, own, and trade Bitcoin without too many restrictions.
Why is this law important for Kentucky residents?
This law is important because it encourages the use of Bitcoin and supports innovation in technology. It can attract businesses and investors, which may help the local economy grow.
How does the “Bitcoin Rights” bill affect businesses?
The bill makes it easier for businesses to accept Bitcoin as a form of payment. This can give them more options for transactions and attract customers who prefer using cryptocurrency.
Are there benefits for individuals under this law?
Yes, individuals can feel more secure using Bitcoin. The law protects their rights to own and trade Bitcoin without facing unfair limits. This means people can use their digital money freely.
Will this law change how Bitcoin is regulated in Kentucky?
The law does not eliminate regulations but aims to create a friendly environment for Bitcoin users and businesses. It balances protecting consumers with allowing the growth of cryptocurrency use in the state.