House Of Representatives Approves Montana Crypto Bill
Bill 178 wants to put digital assets like cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) in the same category as “personal property.”
The third reading of a bill that would call digital assets “personal property” went well in Montana’s House of Representatives.
The state’s Governor, Greg Gianforte, must sign the bill for it to become law. Its other goal is to help local bitcoin miners do their jobs better.
Getting Closer
After the Senate passed bill number 178 at the end of February, the House of Representatives just passed it with 64 votes in favour and 35 against. The fourth and last step before something is legal is for Governor Greg Gianforte to sign it.
The lawmaker and state Senator Daniel Zolnikov, who pushed for the bill, are both members of the Republican Party.
The goal of the bill is to stop taxing crypto activities when they are used as a way to pay. It also says that digital assets, like stablecoins and non-fiat currencies, are “personal property.”
Another goal of the law that will be passed in Montana is to stop crypto miners from being charged different rates for energy. Such businesses that work inside the state’s borders will get some benefits and have less power over them from government agencies.
“The State of Montana wants to protect the right of individuals and businesses to mine 16 digital assets and create legal certainty for the digital asset mining industry. Digital asset mining has the potential to stabilize the grid and provide revenue for 18 infrastructure upgrades statewide,” the document reads.
Which US States Are Embracing Crypto?
Texas, which has become the centre of cryptocurrency mining in the United States, is one of the friendly places. Numerous industry firms have settled there due to the state’s large size, favourable climate, and low electricity costs. In the summer of 2021, some Chinese miners were considering moving to Texas.
Ted Cruz, Texas’s junior senator, also supports bitcoin, stating that it gives people financial independence because governments can’t control it.
Arizona is another place that could be good for BTC. Last year, State Senator Wendy Rogers suggested a bill that would make the asset a legal way to pay. The candidate has pledged to make Grand Canyon state “crypto-friendly.”
This list also includes Florida. In 2021, Governor Rob DeSantis suggested that businesses pay state fees in digital assets instead of currency. A 44-year-old Republican who may run for president next year recently opposed the introduction of a digital dollar.
He advised Florida ban such a monetary commodity as a monitoring tool.
