A bill that regulates cryptocurrency mining rights and also includes laws prohibiting discrimination against crypto miners has moved closer to implementation after being passed by the U.S. Senate of Montana.
Right to mine crypto
The proposed legislation would establish the right to mine digital assets and also prohibit crypto miners from paying discriminatory electricity rates. It would also protect crypto mining that takes place “at home” and strip local governments of the power to use zoning laws to stop crypto mining.
In addition, the law would prohibit additional taxes on the use of crypto as a payment method and treat digital assets, including cryptocurrencies and non-fungible tokens, as personal property. This would treat them in the same way as other financial products such as stocks and bonds.
Positive economic value
On February 23, the bill passed the Senate with 37 votes in favor and 13 against. The bill must now be sent to the House for approval. If passed there, too, it will be sent to Governor Greg Gianforte for signature. He has the option to sign or veto the bill. This is the last step before the bill becomes law.
The bill aims to protect the “right to mine crypto” in the US state and create “legal certainty” for crypto miners. The proposal recognizes that crypto mining “provides positive economic value” and can potentially contribute to network stabilization and generate revenue for infrastructure upgrades.
The Satoshi Action Fund, a pro-Bitcoin lobby group, helped push the bill forward. Although the law is now one step closer, no specific date has yet been set as to when the law will have to come into effect.