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Nebraska has introduced a bill that seeks to reshape the state’s crypto and Bitcoin mining structures, licenses, and ownership.
On Jan 5, Eliot Bostar, a Nebraska State Senator, introduced the bill to the house, which will practically adopt the Blockchain Basics Act in the state, ushering in new industry standards in the fields amid wider regulations.
According to several commentators, the bill will create a framework to recognize the fundamental rights of Bitcoin holders, encouraging a thriving ecosystem and ensuring freedom.
BIG ₿REAKING: Nebraska Introduces Bill to Protect Your Fundamental #Bitcoin Rights to self-custody, mine, and run a node!
Nebraska has now officially introduced a bill championing the rights of Bitcoin users. This bill is very similar to the bill that was announced earlier this…
— Dennis Porter (@Dennis_Porter_) January 5, 2024
The new Nebraska bill re-affirms the right to self-custody of assets, aiming to reinforce the decentralized nature of the market. A major significance of this is the increased legal backing of the asset class following recent institutional inflow on the back of a potential spot ETF approval.
The industry needs U.S. government approval
It has also been argued, as a counter to Better Market’s ETF approval position, that the sector needs this move to drive more regulatory nods, as virtually everyone can buy Bitcoin at the moment.
Dennis Kelleher, the CEO of Better Markets, urged the Securities and Exchange Commission (SEC) not to approve a spot Bitcoin ETF, claiming that it goes against the core principles of the Commission.
The body argued that it could lead to massive investor scams and market manipulation, stating that the industry needs U.S. government approval for its products.
“We submit this supplemental comment letter (which Better Markets very rarely does) because it would be a grave if not historic mistake almost certainly leading to massive investor harm if the SEC approves the pending rule change.”
In line with the provisions of the bill, it seeks to implement protection for Bitcoin users in Nebraska against harmful digital asset taxes and create a level playing field for the technology.
Bitcoin mining protection
A notable introduction of the bill is how it can reshape Bitcoin mining, holding, and trading rights as it allows participants to host nodes for networks and carry out mining and related activities in residential buildings without a license.
Mining operations do not include crypto businesses, as they would be required to run from industrial areas, while others will be subject to community noise regulations. The right to run a node in the bill will guarantee the decentralized nature of Bitcoin, increasing community participation.
Furthermore, it seeks to remove political barriers that negate the smooth integration of the top cryptocurrency into consumers’ normal financial services.
Finally, the Blockchain Basics Act does not categorize staking as security in the state and will stop regulations regarding sound pollution limits. Most users have described the development as a turning point in terms of market-friendly regulation in the United States.
Last year, the United States regulatory space was riddled with unclear policies, prompting several lawsuits and back and forth between authorities and executives.
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