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Montana Bill Classifying Crypto as Personal Property Approved by House of Reps

AA News - Dimitar Dzhondzhorov 2023-04-14 13:00

Draft legislation that designates digital assets as ‚Äúpersonal property‚ÄĚ passed the third reading in Montana‚Äôs House of Representatives. 

The bill, which also aims to foster the operations of local cryptocurrency miners, needs to receive a green light from the state‚Äôs Governor ‚Äď Greg Gianforte ‚Äď to become official. 

One Step Closer

After receiving Senate‚Äôs approval at the end of February, bill number 178 recently passed Montana‚Äôs House of Representatives with 64 votes in favor and 35 against. The fourth and final step before becoming official is the signature of Governor Greg Gianforte.

It is worth mentioning that the politician and state Senator Daniel Zolnikov (sponsor of the legislation) are both part of the Republican Party. 

The bill aims at prohibiting the taxation on crypto transactions when used as a means of payment. It also classifies digital assets (including stablecoins and NFTs) as ‚Äúpersonal property.‚ÄĚ 

Another goal of Montana‚Äôs eventual legislation is to ban any discriminatory energy rates charged to crypto miners. Such companies which operate inside the state‚Äôs borders will be provided with certain benefits and reduced control imposed by government agencies. 

‚ÄúThe 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,‚ÄĚ the document reads.

Which US States Are Marching Toward Crypto?

Texas, which has emerged as the crypto mining hub of the USA, is one of the friendly locations. The vast area of the state, the favorable climate conditions, and the relatively low cost of electricity have attracted numerous industry players to settle there. As CryptoPotato reported in the summer of 2021, some Chinese miners eyed Texas as their next possible destination following the total ban on all crypto operations.

In addition, junior United States Senator for Texas ‚Äď Ted Cruz ‚Äď is an outspoken proponent of bitcoin, arguing it provides financial freedom to people because governments can not control it. 

Arizona is another region where BTC might prosper. State Senator Wendy Rogers proposed a bill last year that seeks to make the asset an official payment method. The politician has previously displayed intentions to turn the Grand Canyon state into a ‚Äúcrypto-friendly‚ÄĚ territory.

Florida also finds a place on that list. Governor Rob DeSantis said at the end of 2021 that the domestic authorities should enable businesses to pay their state fees in digital assets instead of fiat. The 44-year-old Republican who might run for President of the USA next year recently presented himself as an opponent of the creation of a digital dollar. 

He thinks such a monetary product could act as a surveillance tool and suggested its total prohibition in the territory of Florida. 

The post Montana Bill Classifying Crypto as Personal Property Approved by House of Reps appeared first on CryptoPotato.