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‘Blockchain Basics Act’ Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level Skip to main content

‘Blockchain Basics Act’ Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level

'Blockchain Basics Act' Introduced in Missouri Takes the Bitcoin Regulation Battle to State Level

The Blockchain Basics Act, introduced recently into the Missouri State House, seeks to guarantee crypto-related rights, including self-custody, transacting, mining, and staking, to the state’s people. Proposed by Rep. Phil Christofanelli, the bill aims to take the crypto legislation fight to the state level, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund.

‘Blockchain Basics Act’ Proposes to Guarantee Crypto Rights at a State Level in Missouri

The fight for crypto legislation clarity is changing. A new bill, the “Blockchain Basics Act” (HB2107), introduced in Missouri’s State House, seeks to guarantee a series of cryptocurrency rights to the people of Missouri.

Introduced by Rep. Phil Christofanelli on December 27, the bill protects the right of Missouri’s citizens to the custody of their cryptocurrency assets, the right to exert cryptocurrency mining activities without restrictions, the right to transact and make payments with crypto, and eliminates state capital gains taxes for transactions under $200.

The act, currently in its second reading by the House, is part of a new strategy to focus crypto regulation efforts in a different state-level direction. According to Dennis Porter, co-founder and CEO of the Satoshi Action Fund, a non-profit that works with lawmakers to issue crypto-friendly regulations, this might be the way of winning “the battle for bitcoin adoption.”

Porter, who supports this act, stated that the federal road might not be the best option for establishing a legal basis for Bitcoin adoption, comparing this situation with what has happened in the cannabis regulation field. He explained :

Consider how cannabis won the public and legal debate… The cannabis industry didn’t win over the Feds. They fought in the states and cannabis is now legal in 75% of the USA! You and I can win the battle for Bitcoin adoption by following the same strategy!

Although Porter recognized that passing this bill in Missouri would be an “uphill battle,” he stressed this was just the beginning and that many similar bills might be introduced in other states in the coming days.

What do you think about the “Blockchain Basics Act” introduced in Missouri? Tell us in the comments section below.

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