On the 23rd of February, 2023, the US Senate in the State of Montana passed a bill for the “right to mine” Bitcoin and every other crypto in that state. The bill was led by Satoshi Action Fund and its cofounder Dennis Porter who is a political strategist and Bitcoin advocate. This bill was passed by a landslide vote of 37-13 in the senate with no abstinence.
The bill, also known as the “Right to Mine” Bitcoin bill is one of the first of its kind and according to the bill, it is aimed at protecting crypto mining companies from “discriminatory digital asset mining utility rates.” This specifically translates to protecting mining operations from being overcharged by energy companies, which in turn encourages mining in the state. The legislation is to check and revise crypto laws and make sure there is the prohibition of “discriminatory digital asset mining utility rates,” within the state.
The “Right to Mine” Bitcoin bill officially prohibits “local government powers related to digital asset mining,” as well as “taxation on the use of cryptocurrency as a payment method”. This specifically means that the local government has little to no power over anything related to mining digital assets and no form of tax should be removed when making payments using cryptocurrency. The bill states that “digital asset mining provides positive economic value for individuals and companies throughout the United States.”
According to Dennis Porter, “Satoshi Action Fund is pleased with the result in Montana. It is critical to provide regulatory certainty for the mining industry”. Porter further explained that the passage of this bill is progress, not only in Montana but in the US at large, and that this bill makes them feel confident in the work they are doing.
Montana State Senator Daniel Zolnikov is pleased with the overwhelming support given to the bill and stated that “These protections, along with clarifying tax law in relation to digital assets when used as payment, will plant a flag in Montana that we are open to embracing the digital asset mining industry”.
This bill is quite a huge step in the projection and protection of the crypto space with Montana joining the crypto-friendly states in the US. Other crypto-friendly states include Nevada, Florida, California, New Jersey, Texas, Colorado, and Illinois.
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