The state of Montana is pushing to classify digital assets like cryptocurrencies, non-fungible tokens (NFT), and stablecoins as personal property with a recent bill. Once this is done, these digital assets will get the same protection under the United States constitutional law.
As it stands, the bill has passed the third reading in Montana’s House of Representatives. This same Bill 178 is targeted towards enshrining crypto miners’ rights without obstruction from local authorities.
Markedly, the bill passed the Montana House of Representatives with 64 notes in its favor and 35 against it. All that is left to make the bill an official document is for the bill to receive a nod from the state’s Governor Greg Gianforte and this will cover the fourth and final steps.
Noteworthy, Governor Gianforte and the state Senator Daniel Zolnikov who doubles as the sponsor of the legislation is from the Republican Party. Therefore, there is a high probability that he will not reject the bill.
Crypto Bill to Protect Miners’ Right
The cryptocurrency mining bill was first passed to the Montana State Senate on Thursday 23rd February. It contained laws that forbid indiscriminate practices against crypto miners in the region and ultimately offers those that are qualified amongst them the “right to mine”.
Indiscriminate power costs and zoning laws that are usually enforced by local authorities were also addressed in the bill. In this case, indiscriminate utility or power cost refers to exorbitant fees different from what other industries pay in the same region. It prohibits the government from restricting both residential and industrial mining.
Precisely, every individual is allowed to mine crypto in their home while companies that wish to set up commercial mining facilities can do so without restrictions. According to the bill, any cryptocurrency used as a form of payment for goods and services is not liable to extra taxation.
“A state or local government entity may not charge an additional tax, withholding, assessment, or charge on the value of digital assets when used as a method of payment.”
Similarly, the Arkansas House of Representatives and Senate recently received a bill that seeks to orient crypto miners and their activities.
