A Nebraska State Senator moved the blockchain regulation bill, called the Blockchain Basics Act, which aims to liberalize rules for crypto mining in the region.
A blockchain regulation bill recently emerged in the US state of Nebraska, in a major shift for the state’s crypto sector. The bill called the Blockchain Basics Act originates from the Satoshi Action Fund’s movements to educate American policymakers. The fund, which is a crypto advocacy group, had created the Act to protect the rights of the country’s crypto industry. In Nebraska, Senator Eliot Bostar introduced the bill.
The Satoshi Action Fund officially describes the Blockchain Basics Act as “This policy will provide protection for Bitcoin and digital assets by ensuring that the use and functions of Bitcoin and digital assets are fostered and developed. This policy will ensure that Bitcoin and digital asset technologies are able to grow and that innovation is able to flourish.”
Meanwhile, the crypto-mining sector in Nebraska could enjoy relatively relaxed rules if the bill becomes law. Regulation for holding and trading crypto would also see less stringent norms.
The bill will allow individuals to conduct crypto-mining operations and host blockchain nodes from their homes. They would only need to comply with local noise ordinances with the law. On the other hand, crypto firms will have to set up bases in industrial zones.
Other aspects of taxes, crypto-custody, and staking services are also included in the draft bill. Moreover, the bill mandates no capital gains on BTC for transactions below $200.
The bill in Nebraska is significant, considering there has been a delay in passing crypto bills in the US. In 2023, lawmakers introduced several bills in multiple states, but they weren’t in complete consensus.
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