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The governor of Kentucky has formally approved House Bill 701, also referred to as the “Bitcoin Rights” statute, turning it into law. This offers substantial protection for virtual asset users throughout the state. Furthermore, Kentucky is contemplating a different statute that might permit the state to designate a maximum of 10% of its surplus reserves for Bitcoin (BTC), though the proposition remains under deliberation.
Introduced by Representative Adam Bowling on February 19, the statute was approved without opposition by the Kentucky House of Representatives (91-0) on February 28 and the Senate (37-0) on March 13, before being ratified into law by the governor on March 24.
The statute additionally absolves cryptocurrency mining from monetary transmission license mandates and inhibits staking and mining endeavors from being categorized as securities.
The statute guarantees users’ entitlements to self-custody virtual assets, the capability to operate blockchain nodes, and safeguards cryptocurrency mining enterprises from prejudice.
As Kentucky undertakes measures, numerous other states within the United States are advancing Bitcoin-associated legislation. Montana has sanctioned a statute to institute a reserve that permits investment in Bitcoin, valuable metals, and The Rise of Ethereum Applications: The Emergence of Stablecoins Issued by Banks.
Arizona is likewise advancing a pair of statutes: one to generate a virtual asset reserve from seized cryptocurrencies and the other to permit a maximum of 10% of state treasury funds to be designated for Bitcoin. Both statutes cleared the House Rules Committee on March 24 and will be presented to the entire House for a ballot. Another statute in Oklahoma intends to enable inhabitants to obtain salaries in Bitcoin. Oklahoma’s Strategic Bitcoin Reserve Act cleared the state House of Representatives with 77 votes in support and 15 in opposition and will presently be submitted to the Senate for assessment.
### **Additional States Are Likewise Advancing Pro-Bitcoin Statutes**
# Kentucky Governor Approves “Bitcoin Rights” Legislation as States Promote Cryptocurrency Legislation
The “Bitcoin Bill” team, which monitors virtual property laws, emphasizes that Oklahoma is now linked to Texas in the “state bitcoin reserve competition,” while Missouri is also weighing a bitcoin reserve plan. An increasing amount of state-level projects show a rising interest in virtual properties among legislatures throughout the United States.
