Ohio makes a daring push to become a leader in Bitcoin and digital assets regulations with its latest legal efforts.
On July 17, the home technology committee of the state unanimously approved the Ohio Blockchain Basics Act (HB 116) good, goods, progress The bill to the next phase of the legislative assessment. According to Advocacy group Satoshi Action Fund, the bill has obtained a 13-0 voice, which indicates strong two-part support.
Speaking of the Passage, representative Steve Demetriou emphasized that the bill enables individuals instead of large banks or financial institutions.
He added that the bill emphasized the decentralized ethos of Crypto and emphasized the passion of nearly two million Ohioans who possess digital assets.
Ohio’s Bitcoin Right Bill
HB 116 outlines fundamental legal definitions for blockchain protocols, digital asset-mining and individual rights regarding self-herb and junction activities.
The legislation is also aimed at protecting people and companies that are active in the blockchain space, especially those who are involved in Bitcoin -my construction or decentralized nodes.
One of the most important characteristics of the bill is an exemption “the minimis” for Bitcoin payments under $ 200. If carried out, small purchases with Bitcoin would not cause any power profit tax, which removes an important barrier for the use of crypto for daily transactions.
Dennis Porter, CEO of Satoshi Action Fund, praised The bill as one of the strongest legislation on Bitcoin rights in every US state. He noted that the tax exemption would make it easier for people to use Bitcoin as a practical means of exchange, not just as an investment active.
Other accounts for crypto
HB 116 is one of them Three crypto-oriented accounts Legislers are being considered.
Two others, HB 18 and SB 57, have aimed at determining reserves at state level of Bitcoin and other digital assets.
HB18 Summary states:
“The investments are limited to with exchange -handy products with a minimum average market capitalization of $ 750 billion during the previous twelve months and must be held through safe guardianship solutions, qualified preservators or registered investment companies.”
Ohio’s legislative push reflects a growing trend in various American states. Arizona and New Hampshire already have active strategic Bitcoin Reserve (SBR) laws, while Texas, North Carolina, Montana, Oklahoma and Florida are in various stages of promoting similar legislation.
While the competition is warming up between states, the newest step from Ohio can prove to be crucial in shaping the future of the crypto policy at state level.
