• Montana’s ‘right to mine’ crypto bill moves closer to passing as law.
• The proposed laws would enshrine a “right to mine digital assets”, prohibit discriminatory electricity rates, protect home mining operations, and strip local governments of the power to use zoning laws.
• If passed, it will be signed into law by Governor Greg Gianforte.
Montana Crypto Mining Bill Moves Closer To Becoming Law
The Montana Senate recently passed a bill that seeks to enshrine the rights of crypto miners by protecting their right to mine digital assets and prohibiting discriminatory electricity rates for miners. The bill still needs approval from the House before it can be signed into law by Governor Greg Gianforte.
What Is Included In The Bill?
The bill includes provisions that would prevent local governments from using zoning laws to stop crypto mining operations, and considers digital assets such as cryptocurrencies and nonfungible tokens as “personal property” alongside other financial products such as stocks and bonds. It also prohibits additional taxes on the use of crypto as a payment method.
How Would This Benefit Miners?
If the bill is passed into law, it would benefit miners in Montana by preventing discrimination against them in terms of electricity rates charged, allowing them to continue mining at home without interference from local governments, and providing protection for digital assets they own or are considering investing in.
How Will This Impact Businesses?
If the bill becomes law, businesses may benefit from not having additional taxes imposed on them when using cryptocurrency as a payment method. Additionally, its recognition of cryptocurrency as personal property could provide more legal protection for businesses that deal with cryptocurrencies or blockchain-based products or services.
What Are The Next Steps For The Bill?
The next step is for the bill to pass muster in the state House before it can be signed into law by Governor Gianforte. After this happens, then it will officially become law and protections for miners outlined in this legislation will go into effect.