The Blockchain Basics Act, a series of regulations aimed at safeguarding people’s cryptocurrency rights at a state level, has been introduced in three more U.S. states: Ohio, South Carolina, and Mississippi. With this move, similar cryptocurrency regulation has been introduced in seven states and passed in Missouri.
Blockchain Basics Act Regulation Reaches Ohio, South Carolina and Mississippi
The battle for Bitcoin is heating up at the state level in the U.S. The Blockchain Basics Act, a series of regulations focused on enshrining various fundamental cryptocurrency rights in different states, has been introduced in Ohio, South Carolina, and Mississippi. In Ohio, the initiative was introduced by Rep. Steve Demetriou (HB406), who also introduced an anti-central bank digital currency (CBDC) bill in 2023. In South Carolina, the initiative was introduced by Sen. Danny Verdin (S1039), and in Mississippi, it was introduced by Rep. Jody Steverson (HB1214).
The bills are very similar and seek to guarantee the ability of the people of each state to self-custody and trade cryptocurrency without any undue restrictions, mine bitcoin and other cryptocurrencies, and run nodes to support the decentralization of crypto networks, among other determinations.
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, a nonprofit organization that seeks to educate lawmakers about the importance of passing favorable crypto regulation, described this event as a ‘big deal’ for Bitcoin users in the country. He stated that it represented an opportunity to resist powerful people who are attempting to restrict the freedom to use Bitcoin, such as Sen. Elizabeth Warren.
He stated:
The passage of these laws promises not just to uphold your fundamental rights but also to significantly alter the dialogue surrounding Bitcoin and digital assets across the United States.
With this move, Porter and the Satoshi Action Fund have introduced similar regulations in seven states (Virginia, Indiana, Nebraska, Tennessee, Ohio, South Carolina, and Mississippi) and passed them in Missouri. Porter had announced before that 14 states would introduce these regulations in 2024.
What do you think about the Blockchain Basics Act and its introduction in Ohio, South Carolina, and Mississippi? Tell us in the comments section below.
