The day past night, the Kentucky Senate unanimously handed a invoice geared toward protective Bitcoin self-custody rights and virtual asset mining operations. With a decisive 37-0 vote, the law, titled AN ACT on the subject of blockchain virtual belongings (HB 701), now strikes to the Governor’s table for ultimate goodwill.
Subsidized by means of Representatives Adam Bowling and T.J. Roberts, the invoice affirms the suitable of people to self-custody virtual belongings thru self-hosted wallets. Moreover, it prevents native zoning rules from discriminating towards virtual asset mining companies, making sure that Bitcoin miners can perform freely inside the surrounding.
The invoice outlines a number of key provisions, together with:
- Coverage for Bitcoin self-custody: Folks have the prison proper to virtue and bundle virtual belongings in self-hosted wallets.
- Prohibition of discriminatory zoning rules: Native governments can’t impose zoning adjustments that unfairly goal virtual asset mining companies.
- Exemptions from cash transmitter licensing: House Bitcoin miners and virtual asset mining companies are immune from Kentucky’s cash transmitter necessities.
- Explanation of securities rules: Virtual asset mining and staking as a provider are explicitly no longer categorised as securities below Kentucky regulation.
Upcoming passing in the course of the Kentucky Area with a 91-0 vote on February 28, 2025, the invoice moved impulsively in the course of the Senate. The March 13 vote noticed complete bipartisan help, with 37 senators balloting in partial, 0 hostile, and one no longer balloting.
The law now awaits the Governor’s signature, which might formally enshrine Bitcoin self-custody protections and virtual asset mining rights into Kentucky regulation. If signed, Kentucky will grow to be one of the crucial extra Bitcoin-friendly states within the nation, surroundings a precedent for alternative states to practice.
