Key Takeaways
- Kentucky Governor Andy Beshear signed the ‘Bitcoin Rights’ invoice into legislation on March 24.
- The legislation protects the precise to self-custody, node operation, and mining with out discrimination.
- Kentucky joins a number of states pursuing laws to ascertain Bitcoin reserves.
On March 24, Kentucky Governor Andy Beshear signed Home Invoice 701 — generally known as the ‘Bitcoin Rights’ invoice — into legislation, enshrining protections for Bitcoin customers and miners within the state.
Key provisions of the legislation
The brand new legislation ensures the precise to self-custody, the power to run a node, and safety from discrimination for utilizing digital property.
Launched by Consultant Adam Bowling on February 19, the invoice additionally blocks zoning adjustments that concentrate on mining operations and excludes miners from cash transmitter licensing necessities.
Clarification on mining & staking
Moreover, the invoice clarifies that mining and staking don’t qualify as providing or promoting securities.
It acquired overwhelming bipartisan assist, passing the Kentucky Home 91–0 and the Senate 37–0 earlier than being signed by the governor.
Advocacy & implications
Crypto advocacy group Satoshi Motion Fund known as the laws a protection of fundamental digital asset rights, saying it protects customers from being penalized for holding or utilizing Bitcoin.
Context & future developments
This transfer follows an analogous legislation handed in Oklahoma in Might 2024 and coincides with Kentucky’s personal exploration of a Bitcoin reserve.
A separate invoice nonetheless beneath assessment proposes permitting the state’s Funding Fee to allocate as much as 10% of extra state reserves into Bitcoin.
In the meantime, Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203) handed its Home of Representatives 77–15 and now awaits Senate approval.
Arizona continues to steer the race, having superior two digital asset reserve payments by committee.