About the bill
The Crypto bill " Right to Mine", registered as SB 178, aims to fix crypto miners' rights in Montana.
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It includes prohibiting discriminatory electricity rates for cryptocurrency miners, protecting digital asset mining operations, including banning zoning laws to discourage cryptocurrency mining activities and prohibiting additional taxes on the use of cryptocurrency as a means of payment.
The bill classifies various types of "digital assets," among which cryptocurrencies, stablecoins, and NFTs are identified, as "personal property" and gives them the appropriate status.
The positive role of the bill
The legislation cites the positive role of digital asset mining, which provides positive economic value to individuals and companies across the United States and has the potential to stabilize the network and provide revenue for infrastructure upgrades across the state.
The revised bill contains one significant difference from the original version. Its 3rd section was significantly shortened.
The 3rd section now describes three specific areas that limit the power of local authorities. It includes restricting requirements on mining centers other than data centers. Also, local authorities cannot stop crypto-mining in industrial zones and private homes.
The legal status of the bill
After passing its third reading in the state House of Representatives, the bill is scheduled to be signed by the Governor of Montana state Greg Gianforte. It is not expected that Gianforte will veto the bill because he belongs to the Republican Party as the bill's sponsor, state Senator Daniel Zolnikov.
You can check the current legal status of the bill here - https://fastdemocracy.com/bill-search/mt/2023/bills/MTB00010644/.
Conclusion
Overall, Montana's passage of SB 178 is an industry victory for the cryptocurrency market in general and the regulation of mining status in particular.
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This regulatory act highlights the growing importance of cryptocurrencies in the United States.
As more states recognize the critical role of cryptocurrencies and the benefits of digital assets, similar legislation will be developed and adopted in more states.
