Montana’s “Right to Mine” Cryptocurrencies Bill Passes House of Representatives
Montana is taking a bold step to protect its citizens’ “right to mine” cryptocurrencies in the state. On April 12, the state’s House of Representatives passed SB 178 with 64 votes in favor and 35 against, sending the bill back to the Senate and awaiting Governor Greg Gianforte’s approval.
The bill, introduced by D. Zolnikov, aims to generally revise cryptocurrency laws and protect digital asset mining in Montana. It specifically prohibits discriminatory digital asset mining utility rates, local government powers related to digital asset mining, and taxation on the use of cryptocurrency as a payment method. The bill also provides for digital assets as personal property and amends sections 7-1-111, 15-1-101, and 70-1-108 of the Montana Code Annotated.
The passage of this bill is a significant milestone for the digital asset mining industry in Montana, as it establishes legal certainty and protects the right of individuals and businesses to mine cryptocurrencies. Digital asset mining has faced regulatory hurdles in many states, but Montana wants to provide a welcoming environment for the industry to thrive.
In addition, digital asset mining has the potential to stabilize the grid and provide revenue for infrastructure upgrades statewide. This bill recognizes the positive economic value that digital asset mining provides to individuals and companies throughout the United States.
Governor Gianforte, a member of the Republican party, is unlikely to veto the bill, meaning it’s only a matter of time before it becomes law. This move further solidifies Montana’s position as a cryptocurrency-friendly state, and it will be interesting to see how this legislation affects the digital asset mining industry in the state.
Overall, Montana’s passage of SB 178 is a win for the digital asset mining industry and highlights the growing importance of cryptocurrencies in the United States. As more states recognize the benefits of digital assets, it’s likely that we’ll see similar legislation in the future.
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