Kentucky Gov. Andy Beashear signed House Bill 701 yesterday, which offers more protection for users who connect their bitcoin and cryptocurrency themselves.
To connect Bitcoin or another cryptocurrency itself, it means that a user has full control over the private key needed to authorize transactions. It looks more like cash in a wallet than using a bank card to authorize your bank to send someone money.
Users who prefer that freedom also bear some responsibility for protecting their companies. A man in Wales has tried for 12 years to get permission to dig up a landfill to get a hard drive with 8,000 bitcoin worth $ 696 million for today’s price.
But if that is the risk that users will be willing to take, the state of Kentucky wants to protect their rights.
It is crucial that the new law received unanimous support on 91-0 in parliament during a vote on 28 February and again in the Senate on March 13 with 37-0, before he was approved by the Governor.
This new law will guarantee the rights of individuals to keep and manage cryptocurrencies in their self -hosted portfolios. This should mean that those in Kentucky can get total control over their cryptocurrency, without any problems with interference.
As such, this means that local authorities cannot determine discriminatory laws that focus unfairly on crypto -mining.
The law also clarifies that nor rewards are classified as effects. And the operation of blockchain nodes and expansion are exempt from the regulations of Kentucky’s money channel.
Kentucky also investigates House Bill 376, which proposes the establishment of a crypto reserve for the state. This would enable the investments of a maximum of 10% of the surplus state reserves in digital assets with a market capitalization of $ 750 billion.
Other states considering Bitcoin reserves
This new Law from Kentucky is on its way to a greater embrace of cryptocurrency as a growing number of states.
A third of the States is currently investigating crypto for public funds, with 19 states in current legislative considerations.
In particular, Utah adopted a bill on 28 January that the treasurer of the State authorizes to allocate up to 5% of certain public funds to “eligible digital assets”. This is as long as they meet the most important requirement of more than $ 500 billion in market capitalization, on average in the last 12 months.
New Mexico is another example of Bitcoin Support with Senator Anthony L. Thornton introduces the Strategic Bitcoin Reserve Act (SB275) on 4 February and proposes a 5% of public resources for Bitcoin.
At the time of publishing, 16 states are actively followed by the Bitcoin Reserve Monitor.
It is worth noting that although there is interest here, most are covered by 10%, and there are still most states that do not look at crypto at this stage.
And some states – such as Montana, North Dakota, Wyoming and Pennsylvania – have already rejected the efforts to convert tax dollars into Bitcoin.
Published by Stacy Elliott.
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