Montana is close to enacting legislation that would safeguard individuals’ freedoms to mine cryptocurrencies in the state.
Montana’s House of Representatives approves crypto-friendly bill
Montana’s new bill, SB 178, cleared the state’s House of Representatives on April 12 with 64 votes in favor and 35 against. Now awaiting Governor Greg Gianforte’s approval, the bill is expected to be signed into law after being sent back to the Senate following the House vote.
Governor Greg Gianforte, a member of the Republican party, is unlikely to veto the bill. This suggests it is only a matter of time before it becomes law. The legislation had already passed Senate voting in February, and its sponsor, state Senator Daniel Zolnikov, also belongs to the Republican party.
Revolutionary bill to establish crypto mining rights and tax-free transactions
The bill aims to revise and establish laws surrounding cryptocurrency mining. Under its provisions, every citizen would have the right to mine cryptocurrency at home, and every company would be able to set up a commercial mining operation.
Moreover, it would prohibit the government from imposing discriminatory utility rates on miners or restricting mining operations using zoning or environmental laws. Discriminatory rates are defined as being substantially higher than the charges for other industrial electricity uses in similar geographical areas.
Additionally, the bill would prevent the government from imposing taxes on cryptocurrencies used as a method of payment. The bill states: “A state or local government entity may not charge an additional tax, withholding, assessment, or charge on the value of digital assets when used as a method of payment.”
The bill would establish digital assets, including cryptocurrencies, stablecoins, and NFTs, as private property, granting them the same protection under U.S. constitutional law.
