The Senate made crypto bill legal on Febuary, however, it got to Governor Greg Gianforte’s table currently.
On April 12, the news broke out that Montana has passed the bill regarding the ‘right to mine’ Bitcoin in both the houses of Satoshi Act Fund.
Objectives of the Bill
The major objective of the bill is to immortalize the right of cryptocurrency miners within the US State of Montana. This bill was passed successfully at its 3rd reading in the State’s House of Rep.
At present, what is holding the bill from becoming law is the signature of Governor Greg Gianforte. It also happened in the Arizona House of Reps and Senate.
There was a bill passed earlier this April that aims at safeguarding cryptocurrency miners from biased tax payments and regulations. It is also awaiting the Governor’s decision and signature.
The bill with the number 178, prohibits local authorities from preventing cryptocurrency mining activities. The bill was passed during its third reading which occurred on April 12 by 35 to 64 votes.
The Governor has the authority to veto the bill. However, it’s not likely that he will do that since he is part of the Republican Party together with Senator Daniel Zolnikov, the bill’s sponsor.
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What the Legislation wants to establish
Although the major purpose of the bill is to set up digital assets mining right, it also aims at forbidding any biased electricity rates which are charged to crypto miners.
Furthermore, the bill aims at safeguarding the mining activities that happen “at home”. Also, it seeks to eliminate the local government authorities to make use of zoning regulations to impede cryptocurrency mining activities.
One other thing the bill aims to establish is to bar any additional tax on the use of crypto as a medium of payment. The legislation categorized “digital assets” including cryptos, non-fungible tokens, and stablecoins as “personal property”.
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Amended Bill Draft
There is one notable change that is contained in the amended bill draft to compare with the former draft with Sec.3 significantly reduced.
The bill’s original draft of the bill contains nearly 3 complete pages and comprises various articles which were not linked to cryptocurrency mining.
However, at present, Sec.3 lists 3 particular areas which limit the local authority’s power. It also includes restrictions on placing various requirements on mining venues from those on the data centers.
In addition, with the newly passed bill, authorities no longer have the right to prevent cryptocurrency mining in private homes and industrial areas.