Nebraska Takes Steps to Safeguard Bitcoin Rights and Promote Fair Crypto Ownership

Jimmy Aki
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A Nebraska State Senator has proposed an innovative bill dubbed “Bill 911,” aimed at safeguarding the fundamental rights of Bitcoin users. This legislation reflects a growing recognition of the necessity to establish a robust legal structure for the Bitcoin ecosystem.

The Blockchain Basics Act: Protecting Freedom

On January 5, Senator Eliot Bostar introduced Bill 911, a legislative initiative to embrace the recently launched Blockchain Basics Act in Missouri.

This legislation aims to establish clear regulations that create a secure and legal landscape for cryptocurrency activities such as mining, possession, and trading within Nebraska.

A key aspect of this proposed law is its explicit affirmation of the right to self-custody Bitcoin. This provision highlights Nebraska’s dedication to empowering individuals with complete control over their digital assets, reinforcing the decentralized principles at the core of Bitcoin.

Additionally, the legislation emphasizes the ‘Right to Mine’ Bitcoin, promoting inclusivity for those involved in Bitcoin mining. This move seeks to create a level playing field, encouraging innovation and inclusiveness within the mining community.

The proposed laws extend further to protect the rights to purchase, save, and transact with Bitcoin. Nebraska’s recognition of these fundamental actions aims to eliminate potential barriers hindering the seamless integration of Bitcoin into everyday financial activities.

Notably, the legislation empowers developers with the right to run a node, a crucial element supporting the decentralized nature of the Bitcoin network.

Other highlights include prohibiting political subdivisions from surpassing existing sound pollution limits, imposing new requirements not applicable to data centers, or implementing zoning changes.

New Legislature Addresses Staking and Taxes

Under Bill 911, the adoption of the Blockchain Basics Act will specifically exclude staking services from being classified as securities in Nebraska.

Additionally, the legislation takes a noteworthy stride by addressing state capital gains taxes on Bitcoin transactions under $200. This strategic move aims to boost the integration of cryptocurrency into everyday transactions.

This dual strategy underscores Nebraska’s dedication to establishing a regulatory framework that embraces different facets of the blockchain industry. It actively promotes broader participation and the widespread use of digital assets like Bitcoin.

Missouri’s Blockchain Basics Act: The New Paradigm Shift for Crypto Regulation

On December 27, 2023, the Missouri State House introduced the Blockchain Basics Act (HB2107), spearheaded by House of Representative Phil Christofanelli. The new bill aims to secure a range of cryptocurrency rights for the residents of Missouri.

Among its crucial provisions, the bill guarantees the residents’ right to custody of their cryptocurrency assets and enables unrestricted engagement in cryptocurrency mining. It also upholds the right to conduct cryptocurrency transactions and payments.

A notable aspect of the act is the elimination of state capital gains taxes for transactions under $200, marking a bold move to encourage cryptocurrency use.

Currently in its second reading in the House, the Blockchain Basics Act signifies a strategic shift in state-level crypto regulation efforts.

According to Dennis Porter, the co-founder and CEO of the Satoshi Action Fund, a non-profit collaborating with lawmakers for crypto-friendly regulations, this approach may be pivotal in winning the “battle for bitcoin adoption.”

Now adopted by the state of Nebraska, the bill underscores both state’s commitment to fostering a supportive regulatory environment for cryptocurrencies.

The Blockchain Basics Act can significantly impact the broader decentralized finance landscape as blockchain and technology innovation develops.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.