The governor of Kentucky, Andy Beshear, has enacted a law known as the “Bitcoin Rights” statute, establishing safeguards for cryptocurrency users as legislation regarding Bitcoin reserves advanced in two additional US states.
The cryptocurrency advocacy organization, the Satoshi Action Fund announced in a statement on March 24 via X that House Bill 701 secures the “right to self-custody, operate a node, and utilize digital assets” without “concern of discrimination.”
Initially put forward to the Kentucky House by Representative Adam Bowling on February 19, HB701’s summary indicates it protects the ability to utilize digital assets and self-custody wallets while prohibiting local zoning modifications that discriminate against cryptocurrency mining.
Source: Satoshi Action Fund
Simultaneously, the legislation lays out protocols for operating a crypto node, exempts crypto mining from money transmitter licensing obligations, and clarifies that mining and staking are not regarded as offering or trading securities.
The bill was approved by Kentucky’s House of Representatives on February 28, with all 91 representatives voting in favor, and subsequently passed the state Senate on March 13, where every one of the 37 senators also voted affirmatively. Beshear then enacted the law on March 24.
This legislation aligns with similar legislation implemented by Oklahoma Governor Kevin Stitt in May 2024.
Kentucky’s Bitcoin Rights legislation provides protections for crypto users in the state. Source: Kentucky General Assembly
Kentucky has also proposed a bill to create a Bitcoin reserve, permitting the State Investment Commission to funnel up to 10% of surplus state reserves into digital assets, including Bitcoin (BTC); this bill is currently under evaluation.
Other Bitcoin reserve bills advance
In the meantime, Oklahoma’s House Bill 1203 (HB 1203), referred to as the Strategic Bitcoin Reserve Act, has successfully passed the State House of Representatives with a vote of 77 to 15, according to the Oklahoma Bitcoin Association, a cryptocurrency advocacy group.
This bill was introduced in the Oklahoma House of Representatives on January 15 by state Representative Cody Maynard and secured passage through the Government Oversight Committee with a 12–2 vote on February 25.
Related: Numerous crypto bills emerging in the US, from Bitcoin reserves to task forces
The bill must now be reviewed by the Senate prior to the Oklahoma governor potentially vetoing or enacting it into law. Oklahoma State Senator Dusty Deevers has also put forward legislation on January 8 that would enable residents of the state to receive their salaries in Bitcoin.
Bitcoin legislation monitoring group Bitcoin Laws reported in a March 24 post on X that Oklahoma is now tied for second place with Texas in the race for State Bitcoin reserves.
Oklahoma has now secured a tie for second place in the race for State Bitcoin reserves. Source: Bitcoin Laws
Arizona continues to lead the way after two key digital asset reserve bills passed the Arizona House Rules Committee on March 24 and are now progressing to the House floor for a comprehensive vote.
Bitcoin Laws speculates that due to the predominance of Republicans in the Oklahoma Senate and the Republican governor, the bill “stands a favorable chance of being enacted into law.”
Missouri’s Special Committee on Intergovernmental Affairs is likewise assessing the state’s Bitcoin reserve bill, as reported by Bitcoin Laws.
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