Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Proposed legislation that classifies digital assets as “personal property” has successfully passed its third reading in Montana’s House of Representatives.
This bill, which also seeks to support local cryptocurrency miners, requires approval from the state’s Governor – Greg Gianforte – to be enacted.
One Step Closer
Following the Senate’s endorsement at the end of February, bill number 178 has recently garnered 64 votes in favor and 35 against in Montana’s House of Representatives. The final requirement for it to become law is the signature of Governor Greg Gianforte.
It is important to note that both the politician and state Senator Daniel Zolnikov (the bill’s sponsor) are affiliated with the Republican Party.
The legislation aims to eliminate taxation on cryptocurrency transactions when utilized as a payment method. It also designates digital assets (including stablecoins and NFTs) as “personal property.”
ADVERTISEMENT
Another objective of Montana’s forthcoming legislation is to prohibit any discriminatory energy rates imposed on cryptocurrency miners. Companies operating within the state will receive specific advantages and reduced regulatory oversight from government entities.
Related Posts
“The State of Montana aims to safeguard the rights of individuals and businesses to mine digital assets and establish legal clarity for the digital asset mining sector. Digital asset mining has the potential to stabilize the grid and generate revenue for infrastructure enhancements statewide,” the document states.
Which US States Are Marching Toward Crypto?
Texas, recognized as a leading crypto mining center in the USA, is among the welcoming locations. The state’s expansive area, favorable climate, and relatively low electricity costs have drawn many industry participants to relocate there. As reported by CryptoPotato in the summer of 2021, some Chinese miners considered Texas as their next potential site following the comprehensive ban on all crypto activities.
Additionally, junior United States Senator from Texas – Ted Cruz – is a vocal advocate for bitcoin, asserting that it offers financial independence to individuals since it is beyond governmental control.
Arizona is another state where BTC could thrive. State Senator Wendy Rogers introduced a bill last year aimed at establishing the asset as an official payment method. The politician has previously expressed a desire to transform the Grand Canyon state into a “crypto-friendly” region.
Florida also appears on this list. Governor Rob DeSantis stated at the end of 2021 that local authorities should allow businesses to pay their state fees using digital assets instead of traditional currency. The 44-year-old Republican, who may run for President of the USA next year, has recently positioned himself against the establishment of a digital dollar.
He believes such a monetary instrument could serve as a surveillance mechanism and has proposed its complete prohibition within Florida’s jurisdiction.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
