Tennessee Introduces the Blockchain Basics Act
The Blockchain Basics Act, a bill that aims to protect the rights of cryptocurrency ownership, self-custody, and mining, has made its way to Tennessee. Rep. Kevin Vaughan introduced the bill to the State House, while Sen. Bo Watson did the same to the State Senate. The bill, supported by the Satoshi Action Fund, seeks to prevent state government interference in cryptocurrency mining operations and ensure that Tennessee citizens have the freedom to use and run their own cryptocurrency nodes. Additionally, it eliminates state capital gains tax for transactions under $200.
Expanding the Reach of the Blockchain Basics Act
The Satoshi Action Fund is actively working in multiple legislatures to introduce similar legislation across the United States. The nonprofit organization has successfully helped pass similar regulations in Virginia, Missouri, Indiana, Nebraska, and now Tennessee. CEO Dennis Porter believes that the path to bitcoin adoption in the U.S. is through state-level support rather than federal government intervention. The work on expanding the reach of the Blockchain Basics Act continues, with the goal of protecting cryptocurrency rights nationwide.
Hot Take: The Importance of State-Level Support for Cryptocurrency
The introduction of the Blockchain Basics Act in Tennessee highlights the growing movement to secure the rights of cryptocurrency users at the state level. By enshrining ownership, self-custody, and mining rights in law, states can provide a supportive environment for crypto adoption. The efforts of the Satoshi Action Fund in advocating for these regulations across the U.S. are crucial in establishing cryptocurrency as a viable and accepted form of currency. As the battle for cryptocurrency rights continues, state-level support will play a pivotal role in shaping the future of digital finance.
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