Kentucky Governor Signs Landmark Bitcoin Rights Bill into Law, Setting a New Standard for Crypto Regulation
Kentucky has taken a bold step in solidifying its position as a crypto-friendly state. On March 24, Governor Andy Beshear signed House Bill 701, famously dubbed the “Bitcoin Rights” bill, into law.
This groundbreaking legislation enshrines legal protections for cryptocurrency users and operations, making Kentucky a leader in digital asset regulation.
House Bill 701, introduced by Representative Adam Bowling on February 19, provides comprehensive protections for crypto users in Kentucky, with key provisions including the right to self-custody, run a node, and use of digital assets without fear of discrimination.
The bill was originally proposed to safeguard the right to use digital assets and self-custody wallets and bans local zoning changes that would discriminate against crypto mining.
On top of that, the legislation also provides guidelines for running a crypto node, excluding crypto mining from money transmitter license requirements and specifies that mining and staking are not considered offering or selling a security.
The bill was passed to the State's House of Representatives on Feb 28, with all 91 representatives voting in favor, and passed the state Senate on March 13, with all 37 senators voting in favor. It was then signed into law by Beshear on March 24.
On top of the Bitcoin Right Bill, Kentucky has also introduced a bill to establish a Bitcoin reserve, allowing the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin. This bill is still currently under review.
Kentucky’s move mirrors similar initiatives across the United States. Oklahoma recently advanced its Strategic Bitcoin Reserve Act (HB1203), which aims to establish state-level Bitcoin reserves.
The bill passed the House with a 77-15 vote and now awaits Senate approval. Additionally, Oklahoma lawmakers also filed legislation on Jan 8 that would allow residents in the state to receive salaries in Bitcoin.
Arizona is also making strides with two key bills—Senate Bill 1373 and Senate Bill 1025—that propose creating state-managed digital asset reserves and allocating funds into Bitcoin. These developments highlight a growing trend among states competing to become leaders in blockchain innovation.
The passage of HB701 signals a shift in how states approach cryptocurrency regulation. By safeguarding individual rights and fostering business-friendly environments, states like Kentucky are setting benchmarks that could influence federal policies. Industry experts view these actions as crucial steps toward mainstream adoption of digital assets.
The bill has been widely celebrated by crypto advocates and industry leaders. The Satoshi Action Fund praised Kentucky’s proactive stance, stating that HB701 protects fundamental rights such as self-custody and node operation without fear of discrimination.
Social media platforms have been abuzz with excitement, with many hailing Kentucky as a model for other states. With the enactment of the Bitcoin Rights bill, Kentucky has positioned itself at the forefront of crypto-friendly legislation in the U.S.
As more states follow suit, it’s clear that blockchain technology is becoming an integral part of America’s financial future. Whether this sparks nationwide regulatory changes or simply sets Kentucky apart remains to be seen—but one thing is certain: the Bluegrass State is leading the charge toward a decentralized economy.
China and Russia have almost entirely abandoned the US dollar in all bilateral trade, paving a profitable path for the yuan.
WeiliangTether announces the integration of its USDT into Telegram's TON network; Apple's App Store in China has removed the app.
BrianInvestors have waited 10 years for the now-bankrupt cryptocurrency exchange Mt. Gox to announce that it will repay creditors nearly $9.5 billion in Bitcoin by this October, which could put short-term selling pressure on Bitcoin.
WeatherlyCosmos swiftly addressed a critical vulnerability in its IBC protocol, averting a potential theft of over $126 million across multiple blockchain ecosystems.
AlexGrayscale and BlackRock refine their Ethereum ETF proposals, facing regulatory delays and low approval expectations, with decisions expected in May.
MiyukiIndividuals engaging in airdrop squatting are fabricating accounts across platforms with the sole intent of harvesting airdrop tokens, potentially depriving genuine users of their fair share.
CatherineTigran Gambaryan, a Binance executive, faces prolonged detention in Nigeria due to postponed bail hearing and impending trial on money laundering charges. His family and experts argue he's being unfairly targeted, potentially as a scapegoat for Nigeria's economic struggles, while Binance's compliance practices are under scrutiny.
AnaisChinese unicorn Hashkey Capital, in collaboration with Bosera Funds, announces the trading commencement of their Bitcoin and Ethereum spot ETFs on April 30.
WeiliangSince adopting crypto donations, two out of the three leading charities based in the US have amassed over $2 billion in contributions since the beginning of the year.
KikyoCoinbase launches $15M ad campaign across major networks, showcasing crypto's simplicity and efficiency compared to traditional finance, using a unique pizza analogy.
Alex