A new bill has been introduced to the state legislature of Nebraska, aiming to protect the rights of Bitcoin and cryptocurrency users. The Blockchain Basics Act, sponsored by the Satoshi Action Fund, seeks to legally enshrine the right to own, mine, and transact with cryptocurrencies in Nebraska. This move follows similar bills being introduced in other states, as individual states take the lead in shaping American crypto policy.
The Blockchain Basics Act is designed to safeguard Nebraskans’ ability to use cryptocurrencies without interference from the federal government. It guarantees the right to self-custody of crypto assets, which goes against Congressional attempts to regulate self-custody wallets. The bill also includes provisions to protect the right to mine Bitcoin and prevent regulations that could discriminate against mining. Additionally, it proposes removing state capital gains taxes on Bitcoin transactions under $200.
Dennis Porter, CEO of the Satoshi Action Fund, revealed plans to introduce similar bills in at least 13 other states before the end of 2022. The group has already succeeded in lobbying for bills protecting the right to mine Bitcoin in Arkansas and Montana.
Porter drew inspiration from the cannabis legalization movement, noting the success of state-level initiatives despite federal prohibition. He compared the current wave of pro-Bitcoin legislation to the way states defied federal drug prohibition to legalize cannabis. While there is still a long way to go in galvanizing the American public on crypto policy, Porter highlighted that cannabis reform once started as a fringe issue but is now embraced by conservative red states.
As Congress struggles to pass meaningful legislation for the US crypto sector, the responsibility has fallen to individual states. Nebraska’s introduction of the Blockchain Basics Act represents another step towards nationwide protection of crypto rights, with hopes that states can lead the way in fostering a favorable regulatory environment for cryptocurrencies.
The source of the article is from the blog portaldoriograndense.com