Kentucky Cryptocurrency Bill Awaits Governor’s Signature
Kentucky House and Senate Unanimously Pass HB701
Kentucky Senate passed HB701 on March 13 with a unanimous 37-0 vote, following the House’s approval with a 91-0 tally on February 28. The bill’s key features include protection for self-custody Bitcoin rights and prohibition of discriminatory laws against digital mining businesses.
Representatives Adam Bowling and T.J. Roberts sponsored the bill. HB701 also exempts Bitcoin miners from money transmitter licenses and asserts that mining doesn’t classify as securities.
“With the passage of HB701, Kentucky is taking a significant step toward empowering individuals with their Bitcoin self-custody rights.” — Representative Adam Bowling, Co-Sponsor of HB701
Kentucky Bill Creates New Opportunities for Crypto Businesses
The bill’s passing may position Kentucky as a crypto-friendly state, potentially attracting more digital asset businesses. Increasing Bitcoin operations could economically benefit regional industries and local job markets.
If approved, these legislative changes could prompt other states to consider similar policies, enhancing the national crypto landscape. The bill does not immediately impact Bitcoin prices.
Few U.S. States Have Bitcoin-Specific Laws
Cryptocurrency legislation varies across U.S. states, but only a few states have implemented Bitcoin-specific laws. HB701 sets a potentially transformative precedent, similar to Wyoming’s crypto-friendly regulations.
Experts suggest HB701 could turn Kentucky into a crypto hub, boosting regional investment and growth. If successful, it might prompt nationwide legislative revisions.
