Blockchain Basics Act Reaches Tennessee, 16 Legislatures Working on Similar Bills

The Blockchain Basics Act, a measure that seeks to unafraid the rights of authorities citizens regarding cryptocurrency ownership, self-custody, and mining, has reached Tennessee. The bill, supported by the Satoshi Action Fund, was introduced to the State House by Rep. Kevin Vaughan and simultaneously to the State Senate by Sen. Bo Watson.

Blockchain Basics Act Introduced successful Tennessee

The Blockchain Basics Act, a measure that aims to enshrine cryptocurrency rights specified arsenic self-custody, ownership, and mining, has reached Tennessee. The measure was precocious introduced some to the Tennessee State House (HB2309) and to the State Senate (SB2370) by Rep. Kevin Vaughan, president of commerce, and Sen. Bo Watson, who besides serves arsenic president of finance, seat of rules, and vice-chair of pensions.

As successful different states, the measure seeks to forestall the authorities authorities from approving rules affecting cryptocurrency mining operations specifically and warrant that citizens of the authorities mightiness usage cryptocurrency without restrictions, including moving their ain nodes. Similarly, it eliminates authorities superior gains taxation for transactions nether $200.

Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a nonprofit that educates lawmakers astir introducing crypto-specific regulations, explained that portion the instauration had already helped walk 2 bills to support bitcoin adoption, this mightiness beryllium an uphill conflict successful immoderate states.

He besides reported that determination was further enactment connected antithetic legislatures to support expanding the scope of the Blockchain Basics Act astatine a authorities level. Porter declared:

We are present actively moving successful 16 antithetic legislatures successful 2024 to walk akin legislation, truthful this goes acold beyond conscionable 1 state. You and I cannot instrumentality our ft disconnected the gas.

The Satoshi Action Fund’s enactment has been indispensable successful introducing akin regulations successful 5 states crossed the U.S.: Virginia, Missouri, Indiana, Nebraska, and Tennessee. Porter believes that bitcoin adoption won’t hap from the apical down successful the U.S., trying alternatively to mimic what happened with cannabis, which was treated much favorably astatine the authorities level than by the national government.

What bash you deliberation astir the instauration of the Blockchain Basics Act successful the authorities of Tennessee? Tell america successful the comments conception below.