Virginia is one of the latest states to join the movement to defend the rights of cryptocurrency users and promote the adoption of Bitcoin and other digital assets. State Sen. Saddam Azlan Salim has introduced a bill that would prevent state authorities from interfering with the cryptocurrency-related activities of its citizens.
The bill, known as Senate Bill 339 (SB 339), was introduced on January 9 and proposes granting several rights to Virginia’s citizens regarding cryptocurrencies. According to the bill, citizens would not need a money-transferring license to operate staking or mining equipment at the state level.
They would also have the right to run their cryptocurrency nodes, transact and make payments with cryptocurrencies, and have custody of their crypto assets. Moreover, the bill would exempt cryptocurrency transactions of less than $200 from paying state capital gains tax, making it easier and cheaper for users to use cryptocurrencies for everyday purchases.
A Work Group For Blockchain And Cryptocurrency
The bill also introduces a novel element, which is the creation of a workgroup to study and make recommendations on blockchain technology, digital asset mining, and cryptocurrency activity in the Commonwealth. The work group would consist of representatives from various state agencies, academic institutions, industry associations, and public interest groups.
The workgroup would be tasked with examining the current and potential uses of blockchain technology and cryptocurrencies, the benefits and risks of these technologies, the regulatory and legal frameworks, and the best practices and standards for these technologies.
A State-Level Movement For Bitcoin
According to the Satoshi Action Fund, the bill is not an isolated initiative but part of a larger movement to pass similar laws in at least 13 states. This non-profit organization advocates for the right to use Bitcoin and educates policymakers and regulators about the benefits of Bitcoin and mining.
The Satoshi Action Fund was involved in drafting and introducing SB 339 and other bills in states like Missouri, Nebraska, and Indiana. These bills are based on the model legislation developed by the organization, which aims to protect the rights of cryptocurrency users and miners at the state level.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, praised the introduction of SB 339, saying that Virginia and other states were taking a stand for the right to use Bitcoin. He also stated that the organization needed more funds to support its efforts to pass more laws in other states.
We have so many states looking to pass laws that we need to raise more money to support those efforts, said Porter.
The introduction of SB 339 in Virginia is a positive sign for the cryptocurrency community, as it shows that some state lawmakers are willing to embrace and support the innovation and freedom that cryptocurrencies offer. If the bill passes, Virginia could become one of the most crypto-friendly states in the US.
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