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Cryptocurrency Rights Bill Lands in Indiana

Cryptocurrency Rights Bill Lands in Indiana

Indiana is adding its name to the list of states that intend to guarantee the cryptocurrency rights of its citizens. A cryptocurrency bill that guarantees the non-intervention of the state government of Indiana in cryptocurrency self-custody, mining, validation, and other issues was recently introduced by Rep. Heath VanNatter in the Indiana General Assembly (IGA).

Blockchain and Cryptocurrency Rights Law Introduced in Indiana

Indiana might be one of the first states to guarantee cryptocurrency rights for the state’s residents. On January 11, Rep. Heath VanNatter of the Indiana General Assembly (IGA) introduced a bill to keep the state government out of cryptocurrency and blockchain issues.

The bill, titled “Use of digital assets” (HB 1388), establishes that miners and the cryptocurrency mining activity cannot be discriminated against other activities, guarantees the right to self-custody, and establishes that miners and stakers do not need to receive a Money Transmitting License (MTL). Also, it eliminates capital gains taxes for transactions under $200 and protects people transacting with cryptocurrency from possible restrictions of these movements engineered at a state level.

Ilya Rekhter, founder of Megawatt, an Indiana-based sustainable Bitcoin mining company involved in the introduction of the bill, explained that it took several meetings with state representatives and senators to get here and that he was filled with optimism about the reception of Bitcoin and how it can be used to benefit Hoosiers.

With this move, Indiana becomes the third state where regulators seek to pass similar laws after Nebraska and Missouri. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, an organization supporting these initiatives, stated that it “marks a significant step in affirming your fundamental rights to engage with Bitcoin, countering efforts by figures like Senator Warren to limit self-custody and mining rights.”

Porter expects this kind of bill to be introduced in at least 13 states in 2024, taking the Bitcoin adoption fight to the state level.

What do you think about introducing a cryptocurrency rights bill in Indiana? Tell us in the comments section below.