The Fight for Crypto Rights in Missouri
A new bill, known as the “Blockchain Basics Act” or HB2107, has been introduced in Missouri’s State House to ensure the protection of cryptocurrency rights for the people of Missouri. The bill, proposed by Rep. Phil Christofanelli on December 27, aims to establish various rights, such as the right to self-custody of cryptocurrency assets, the right to engage in mining activities without restrictions, the right to transact and make payments with crypto, and the elimination of state capital gains taxes for transactions under $200.
A Strategic Shift towards State-level Regulation
The introduction of the “Blockchain Basics Act” is part of a broader strategy to focus on cryptocurrency regulation at the state level. Dennis Porter, the CEO and co-founder of the Satoshi Action Fund, a non-profit organization that advocates for crypto-friendly regulations, supports this approach. He believes that winning the battle for cryptocurrency adoption may require following a similar strategy to the one used in the cannabis industry, where states took the lead in establishing legal frameworks.
A Potential Path to Bitcoin Adoption
While passing the bill in Missouri may be a challenging task, Porter sees it as a starting point for a larger movement. He anticipates that similar bills may be introduced in other states in the near future, creating momentum for crypto-friendly legislation across the country.
Hot Take: Crypto Rights at the State Level
The “Blockchain Basics Act” in Missouri represents a significant step towards the recognition and protection of cryptocurrency rights. By focusing on state-level legislation, proponents of this bill are aiming to pave the way for wider adoption of cryptocurrencies like Bitcoin. While there may be obstacles along the way, the introduction of this bill could initiate a domino effect, prompting other states to follow suit and establish their own crypto-friendly regulations. This decentralized approach to crypto legislation highlights the evolving landscape of digital asset regulation and the increasing importance of state-level initiatives.
By
By
By
By