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Protecting the right to trade and mine cryptocurrencies
U.S. Senator Saddam Azlan Salim of Virginia introduced a bill on the 9th that would protect citizens’ rights to trade and mine crypto assets.
The state Senate is currently considering the bill, and if it passes, it will go to the House of Delegates.
This bill would introduce additional virtual currency provisions into Virginia law, guaranteeing citizens the following rights, among other things:
- Right to purchase products with virtual currency
- Right to send and trade virtual currency on blockchain
- Right to store virtual currency in self-custody
- Right to run a node
It also states that those who mine virtual currency or provide mining or staking services for others are not responsible for those transactions just because they have verified a particular transaction. Included.
It also proposes to exempt individuals and companies engaged in mining activities from obtaining a remittance license. Regarding taxes, the proposal also proposes allowing individuals to deduct up to approximately 30,000 yen ($200) per transaction from capital gains related to the purchase of goods and services using virtual currency.
It also calls on state officials to convene a “working group to conduct research and make recommendations to the state regarding blockchain technology, cryptocurrency mining, and virtual currency activities.”
Virginia has previously introduced legislation to support cryptocurrencies. In 2022, a bipartisan bill has been passed that would allow banks in the state to provide virtual currency custody services.
connection: U.S. state of Virginia legalizes virtual currency custody by banks
What is custody?
A term that refers to holding and managing assets on behalf of investors, and is widely used for assets other than virtual currencies. We can handle a wide range of tasks on your behalf, including asset custody, settlement of purchases and sales, receipt of principal, interest and dividends, and the exercise of voting rights. A company that performs custody is called a “custodian.”
Virtual currency glossary
Activities of “Satoshi Action Fund”
Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, wrote in a post on X that he thanked Rep. Salim for introducing a bill to protect cryptocurrencies.
BRREAKING: A Democrat in Virginia has officially introduced a bill to defend your fundamentals. #Bitcoin rights.
Thank you to @SalimVASenate for taking the lead on protecting #Bitcoin and digital assets in your state.
Satoshi Action has kept its promise to have bills introduced… pic.twitter.com/T1S89OBHsf
— Dennis Porter (@Dennis_Porter_) January 17, 2024
The Satoshi Action Fund has supported other crypto protection bills introduced in states such as Missouri, Nebraska, and Indiana. Porter said he would aim to pass such legislation in up to 13 states.
He also explained that the goal is to protect the freedom to access and use virtual currencies such as Bitcoin at the state level.
In particular, it says it opposes efforts by Sen. Elizabeth Warren in the U.S. Senate to restrict mining rights. Warren introduced a bill in May 2023 that would impose obligations under the Bank Secrecy Act on miners and others.
connection: U.S. Coinbase strongly opposes Warren’s claims, saying they are “misrepresenting efforts to comply with the law.”
The post Virginia lawmaker submits bill to protect rights to mining and other virtual currencies appeared first on Our Bitcoin News.
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