May 20, 2024

Missouri’s ‘Blockchain Basics Act’: A Step towards State-Level Cryptocurrency Regulation

Missouri’s ‘Blockchain Basics Act’: A Step towards State-Level Cryptocurrency Regulation

In a significant stride towards cryptocurrency acceptance, the ‘Blockchain Basics Act’ (HB2107) surfaces in the legislative landscape of Missouri. Spearheaded by Rep. Phil Christofanelli, the bill is aimed at establishing specific cryptocurrency rights for Missourians, a move that could potentially reshape the broader American cryptocurrency regulation scenario.

Decentralizing Cryptocurrency Regulation

The primary objective of the bill is to redirect cryptocurrency regulation efforts from the federal to the state level. This approach is rooted in the belief that state-level regulation could offer a more tailored, efficient, and effective solution to promote Bitcoin and other digital currencies’ adoption. The strategy mirrors the state-level cannabis regulation approach, which has witnessed considerable success in areas such as decriminalization and controlled distribution.

Guaranteeing Comprehensive Cryptocurrency Rights

The ‘Blockchain Basics Act’ envisions a comprehensive set of cryptocurrency rights. These include the right to custody of cryptocurrency assets, unrestricted cryptocurrency mining activities, and the freedom to conduct transactions and payments using cryptocurrencies. This implies a move towards a more open and decentralized control over cryptocurrencies, stepping away from the stringent, often restrictive, federal regulations.

Financial Incentives and Future Implications

Another noteworthy feature of the bill is its aim to abolish state capital gains tax for transactions under $200. This initiative is designed to encourage small-scale, everyday transactions using cryptocurrencies, thereby fostering their mainstream adoption. The bill is currently in its second reading in the House and is expected to face a tough battle before it becomes law. Nevertheless, the introduction of such legislation is seen as a key milestone in the journey towards state-level cryptocurrency regulation. It could potentially serve as a blueprint for similar legislative efforts in other states, further accelerating the acceptance and integration of cryptocurrencies in the American economy.

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