U.S. politicians discussed the necessity of outlawing cryptocurrencies in the nation after a wave of bankruptcies and fraud disclosures that characterized the “crypto winter” of 2022 and culminated in the demise of FTX, once one of the biggest cryptocurrency exchanges globally.
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Several states, like as Missouri, Arkansas, and Montana, among others, began drafting and enacting legislation to protect the rights of cryptocurrency miners in 2023. The main goal of the laws at the time was to stop discrimination in areas like utility access.
The market and community for cryptocurrencies had mostly moved on by early 2024, thanks to developments like the upcoming Bitcoin halving, the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs), and more. American politicians had also become noticeably more accepting of cryptocurrencies, accepting some as contributions for their presidential campaigns.
Still, states continue to strive toward enshrining the rights to engage in cryptocurrency-related activities, and Missouri seems to be at the forefront of this effort, despite the persistence of some crypto hardliners such as Elizabeth Warren.
The Missouri ‘Blockchain Basics Act’
House Bill 2107, the Blockchain Basics Act, was enacted by the Missouri legislature on Tuesday, February 13. Its purpose is to protect the freedom to purchase, hold, and mine Bitcoin and other cryptocurrencies.
The law specifies terminology like blockchain, blockchain protocol, node, staking, discriminatory rates, digital asset, and digital asset mining in more detail. It also precludes the levying of additional taxes on transactions involving cryptocurrencies.
Perhaps more significantly, the bill states that miners cannot be charged differently for services like electricity because of their work and prohibits the government from restricting their ability to use coins and tokens in transactions—as long as those transactions are lawful—and to self-custody said assets.
The bill, championed with support from the Satoshi Action Fund – an advocacy organization dedicated to advancing the rights of individuals interested in cryptocurrencies – was crafted through active collaboration with state representatives and broad engagement with the community via mass communication platforms such as X to garner support for pro-cryptocurrency measures.
Similar legislation is also being pursued in Nebraska and eleven other states.
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