Kentucky’s Bitcoin Bonanza: Crypto Chaos or Cash Cow? 🐄💰

by

In a move that left both skeptics and enthusiasts scratching their heads, Kentucky Governor Andy Beshear, with the flourish of a quill, signed House Bill 701 into law. This so-called “Bitcoin Rights” bill, a curious concoction of digital protections, now stands as a testament to the state’s embrace of the crypto craze. 🖋️📜

The law, a veritable shield for the digital age, guarantees the right to self-custody, the freedom to run blockchain nodes, and, most importantly, protection from the dreaded discrimination against crypto mining operations. Truly, a modern-day Magna Carta for the tech-savvy. 🛡️💻

Introduced by the ever-ambitious Representative Adam Bowling on February 19, the bill sailed through Kentucky’s House (91-0) on February 28 and the Senate (37-0) on March 13, before landing on the Governor’s desk for its final flourish on March 24. A unanimous decision, no less—proof that even in politics, miracles can happen. 🙌✨

We are proud to officially announce that ‘Bitcoin Rights’ has been SIGNED INTO LAW by the Governor of Kentucky!

The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.

This effort would not…

— Satoshi Action Fund (@SatoshiActFund) March 24, 2025

But wait, there’s more! The law also grants crypto mining a reprieve from the burdensome money transmitter license requirements and ensures that staking and mining activities remain unclassified as securities. A sigh of relief for miners everywhere. ⛏️😮‍💨

Meanwhile, Kentucky, not content with just one crypto coup, is mulling over another bill that would allow the state to allocate up to 10% of its excess reserves into Bitcoin (BTC). A bold move, indeed, though the proposal remains under review. Watch this space. 👀📈

Other states are pushing pro- Bitcoin bills

Kentucky’s leap into the crypto fray is but one act in a nationwide drama. Montana, ever the maverick, is advancing a bill to establish a reserve for investments in Bitcoin, precious metals, and stablecoins. Oklahoma, not to be outdone, has seen its Strategic Bitcoin Reserve Act pass the State House of Representatives with a 77-15 vote, now en route to the Senate. And let’s not forget Arizona, where two bills—one creating a digital asset reserve from confiscated cryptocurrencies and another permitting up to 10% of state treasury funds to be allocated to Bitcoin—are making their way through the legislative labyrinth. 🏛️💼

Bitcoin Laws, the ever-watchful sentinel of digital asset legislation, notes that Oklahoma is now neck-and-neck with Texas in the “State Bitcoin Reserve Race,” while Missouri is also eyeing a Bitcoin reserve proposal. The growing number of state-level initiatives reflects a burgeoning legislative interest in digital assets across the U.S. A crypto gold rush, if you will. 🏃‍♂️💨

Read More

2025-03-25 17:15