The Blockchain Basics Act, a bill that seeks to protect several blockchain-based activities from being outlawed by the U.S. government, has been introduced in Nebraska. Sponsored by Sen. Eliot Bolstar, the bill is similar to the one introduced in Missouri recently, and 11 more states are expected to introduce similar regulations this year, according to the Satoshi Action Fund.
Blockchain Basics Act Lands in Nebraska
Lawmakers are now taking cryptocurrency and blockchain regulations to their states. On January 5, the Blockchain Basics Act, a bill that aims to protect several blockchain and cryptocurrency rights, was introduced in the Nebraska Unicameral Legislature by Sen. Eliot Bolstar, putting the cornhusker state at the forefront of these initiatives.
The act seeks to guarantee the rights of Nebraskans to mine cryptocurrency without restrictions, exert the custody of their cryptocurrency assets, and transact with crypto. It also establishes the exemption of capital gains state taxes for cryptocurrency transactions under $200.
The legislation is very similar to another bill of the same name introduced in Missouri by Rep. Phil Christofanelli in December, both sponsored by the Satoshi Action Fund, a nonprofit that policies lawmakers to introduce cryptocurrency-related initiatives. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, stated that this bill builds on the work of Mike Flood before he “graduated” to Washington DC.
Flood was the co-author and sponsor of the Nebraska Financial Innovation Act passed in 2021, which allows banks to become “Digital Asset Depositories” to trade and custody cryptocurrency after receiving state permission.
Porter remarked that Nebraska was the second state to introduce this act and that more states would follow. In a post on X, Porter stated:
We plan to introduce 13 bills in 13 different states (at least) in 2024. Each time a bill is introduced, lawmakers in the state often hold a hearing to receive input from the public.
These moves are part of a nationwide strategy of taking the battle for cryptocurrency adoption to a state level proposed by Porter, who believes crypto regulation might follow the same road that cannabis regulation took.