Nebraska and Missouri introduce Blockchain Basics Act – with more states set to follow suit

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The legislatures of Nebraska and Missouri have introduced prospective bills which relate to the protection of digital assets rights – and a further 11 states are expected to bring in similar regulations in the coming year.

The Blockchain Basics Act is part of the work of the Satoshi Action Fund, a non-profit organisation whose mission is to ‘educate policymakers and regulators on the benefits of Bitcoin mining.’ The policy provides ‘protection for Bitcoin and digital assets by ensuring that the use and functions of Bitcoin and digital assets are fostered and developed’, according to the Fund, as well as ensuring that ‘technologies are able to grow and that innovation is able to flourish.’

This self-custody will allow individuals to conduct crypto mining operations in residential properties without the requirement of a licence.

The Missouri bill was introduced by Rep. Phil Christofanelli while the Nebraska bill was introduced by Sen. Eliot Bostar.

Commenting on the Nebraska legislation, Dennis Porter, co-founder and CEO of the Satoshi Action Fund, said that the plan was to introduce 13 bills in 13 different states ‘at least’ in 2024.

“This bill… adds Nebraska to the forefront of states advocating for your right to self-custody, purchase, use, spend Bitcoin, and crucially, to mine and run a Bitcoin node,” Porter wrote on X, formerly Twitter.

Porter added that the Nebraska bill builds on the work of Rep. Mike Flood, who co-authored the Nebraska Financial Innovation Act in 2021. The act provides guidelines on the charter, operation, supervision and regulation of digital asset depositories and gives state-chartered banks the authority to operate digital asset divisions.

Porter also noted that another potential benefit of the bill, assuming it is passed into law, is the ability to stop bad regulations from ‘damaging future Bitcoin innovation.’

Photo by Mark König on Unsplash

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