The Blockchain Basics Act, a bill that seeks to secure the rights of state citizens regarding cryptocurrency ownership, self-custody, and mining, has reached Tennessee. The bill, supported by the Satoshi Action Fund, was introduced to the State House by Rep. Kevin Vaughan and simultaneously to the State Senate by Sen. Bo Watson.
Blockchain Basics Act Introduced in Tennessee
The Blockchain Basics Act, a bill that aims to enshrine cryptocurrency rights such as self-custody, ownership, and mining, has reached Tennessee. The bill was recently introduced both to the Tennessee State House (HB2309) and to the State Senate (SB2370) by Rep. Kevin Vaughan, chairman of commerce, and Sen. Bo Watson, who also serves as chairman of finance, chair of rules, and vice-chair of pensions.
As in other states, the bill seeks to prevent the state government from approving rules affecting cryptocurrency mining operations specifically and guarantee that citizens of the state might use cryptocurrency without restrictions, including running their own nodes. Similarly, it eliminates state capital gains tax for transactions under $200.
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a nonprofit that educates lawmakers about introducing crypto-specific regulations, explained that while the institution had already helped pass two bills to protect bitcoin adoption, this might be an uphill battle in some states.
He also reported that there was additional work on different legislatures to keep expanding the reach of the Blockchain Basics Act at a state level. Porter declared:
We are now actively working in 16 different legislatures in 2024 to pass similar legislation, so this goes far beyond just one state. You and I cannot take our foot off the gas.
The Satoshi Action Fund’s work has been essential in introducing similar regulations in five states across the U.S.: Virginia, Missouri, Indiana, Nebraska, and Tennessee. Porter believes that bitcoin adoption won’t happen from the top down in the U.S., trying instead to mimic what happened with cannabis, which was treated more favorably at the state level than by the federal government.
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