Missouri’s ‘Blockchain Basics Act’
Missouri has taken a significant step in protecting the rights of cryptocurrency users with the passage of House Bill 2107, also known as the Blockchain Basics Act. This legislation ensures the right to purchase, self-custody, and mine Bitcoin and other cryptocurrencies.
Key Provisions of the Act
The Blockchain Basics Act defines important terms related to cryptocurrencies and blockchain technology, such as blockchain protocol, digital asset, and node. It also prohibits additional taxes on cryptocurrency transactions and guarantees the right to use coins and tokens in legal transactions.
Furthermore, the bill emphasizes that miners should not face discriminatory rates for their activities, such as electricity costs. These provisions aim to create a favorable environment for crypto-related activities in Missouri.
The Role of Satoshi Action Fund
The Satoshi Action Fund, an advocacy group supporting cryptocurrency rights, played a crucial role in sponsoring and assisting with the development of this bill. They actively engage with both state actors and the community to rally support for crypto-positive initiatives.
Expanding Influence
The Blockchain Basics Act is not limited to Missouri alone. Nebraska and 11 other states have similar bills in progress, indicating a growing movement across the United States to protect and promote cryptocurrency usage.
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