- Kentucky signs Bitcoin Rights law, securing legal protections for crypto users.
- Texas Senate advances Bitcoin reserve bill, allowing state investment in crypto.
- Utah’s Bitcoin reserve bill reaches Senate committee, marking 50% progress.
Kentucky Governor Andy Beshear has signed the “Bitcoin Rights” bill into law, granting legal protections for crypto users in the state.
Kentucky Enacts Bitcoin Rights Bill
Governor Beshear approved House Bill 701 on March 24, which guarantees that no one can be discriminated against by using crypto, running crypto nodes or controlling crypto. According to the Satoshi Action Fund, which I signed the bill for, it protects the rights of digital assets.
Representative Adam Bowling filed legislation on February 19 that prevents local governments from enforcing zoning restrictions that target crypto mining. In addition, it explains that mining and staking do not involve a securities transaction. Furthermore, crypto mining is exempted from money transmitter license requirements.
Kentucky’s House of Representatives unanimously passed the bill on February 28, with 91 members in favor. The Senate followed with full support from all 37 senators on March 13. The new law reinforces the state’s position in supporting crypto operations and user rights.
Texas Moves Forward with Bitcoin Reserve
Meanwhile, Texas lawmakers have advanced Senate Bill 21 (SB 21), which allows the state to allocate public funds for Bitcoin and other digital assets. The Texas Senate approved the bill on March 7 with bipartisan support, setting a precedent as the first state to create a Bitcoin reserve.
The bill, sponsored by Senator Charles Schwertner, establishes the Texas BTC Reserve under the Texas Comptroller’s management. It outlines provisions for holding Bitcoin and other cryptocurrencies with a market capitalization exceeding $500 billion. Funding mechanisms for the reserve will come through state appropriations.
Supporters of the bill highlight Bitcoin’s resilience in various market conditions. Texas Lieutenant Governor Dan Patrick reaffirmed the state’s commitment to digital asset adoption, aligning with President Donald Trump’s stance on cryptocurrency innovation. The approval of SB 21 places Texas at the forefront of state-level Bitcoin adoption.
Utah’s Bitcoin Reserve Bill Advances
This also holds true for Utah as it tries to build a Bitcoin reserve. The state’s proposed Blockchain and Digital Innovation Amendments bill (H.B. 230) has moved on the Senate Revenue and Taxation Committee as of February 19.
The bill was introduced by Representative Jordan Teuscher on Jan. 21 and passed in the House last month with 81 votes, and bipartisan support. The digital asset reserve experienced its first reading in the Senate on February 7, a 50% completion towards making it a reality.
The bill was assigned to the Revenue and Taxation Committee on March 6 to be further reviewed by the Senate. The progress gets Utah closer to building a Bitcoin reserve, joining the growing interest in digital asset reserves among state legislatures.
