Three additional U.S. states have sponsored the Blockchain Basics Act, a set of rules designed to protect people’s cryptocurrency rights at the state level: Mississippi, South Carolina, and Ohio. This action has led to the introduction of comparable cryptocurrency regulations in seven states, including Missouri, and their passage.
The Blockchain Basics Act Regulation Now Applies in Mississippi, South Carolina, and Ohio
State-level competition for Bitcoin is intensifying in the United States. Ohio, South Carolina, and Mississippi have introduced the Blockchain Basics Act, a set of rules aimed at enshrining various fundamental rights related to cryptocurrencies in their respective jurisdictions. Representative Steve Demetriou (HB406) of Ohio introduced the initiative. In 2023, he also introduced a bill opposing digital currency issued by central banks (CBDC). Sen. Danny Verdin (S1039) introduced the initiative in South Carolina, and Rep. Jody Steverson (HB1214) introduced it in Mississippi.
The proposals are extremely similar and aim to ensure that the citizens of each state can mine bitcoin and other cryptocurrencies, run nodes to support the decentralization of cryptocurrency networks, and exercise self-custody and cryptocurrency trading without any unreasonable restrictions, among other things.
This event is a “big deal” for Bitcoin users in the nation, according to Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a charity that works to inform lawmakers about the significance of enacting favorable crypto laws. He said it was a chance to stand up to influential individuals like Sen. Elizabeth Warren who are trying to limit people’s ability to utilize Bitcoin.
He said:
Enactment of these legislation will protect your basic rights, but they will also drastically change the national conversation about Bitcoin and digital assets.
By taking this action, Porter and the Satoshi Action Fund have passed similar laws in Missouri and introduced them in seven states: Virginia, Indiana, Nebraska, Tennessee, Ohio, South Carolina, and Mississippi. Porter previously declared that in 2024, these rules would be implemented in 14 states.
What are your thoughts on the implementation of the Blockchain Basics Act in Mississippi, South Carolina, and Ohio? Tell us in this section of the comments below.