Key Takeaways
- The bill considers “digital assets,” including crypto and NFTs, and stablecoins as “personal property” alongside other financial products, including bonds.
- The bill notes that Montana wants to “protect the right to mine” crypto and “create legal certainty” for miners.
A crypto mining rights bill that prohibits the discrimination of crypto miners has successfully passed the third reading in Montana Senate. The bill was passed during the third reading by 64 votes to 35 on April 12. The bill now awaits Governor Greg Gianforte’s signature before coming into force
The bill with laws enshrine a “right to mine digital assets” and further ban“discriminatory” electricity rates being charged to crypto miners, protect mining that occurs “at home,” and also prevent local governments from misusing the zoning laws to stop crypto mining operations.
The pro-crypto mining bill further seeks to prohibit additional taxes on the use of crypto as a payment method and further consider “digital assets,” including crypto and NFTs, and stablecoins as “personal property” alongside other financial products, including bonds.
The bill noted that Montana wants to “protect the right to mine” crypto and “create legal certainty” for miners. Detailing the advantages of crypto mining, the bill outlines that mining provides positive economic value and could also potentially “stabilize the grid and provide revenue for infrastructure upgrades.”
The amended bill draft also notes that authorities cannot prevent crypto mining in industrial areas and private homes.
The latest development also comes amid another US State, Arkansas, passing the Arkansas Data Centers Act of 2023 to protect miners as data centers and “clarify the guidelines needed to protect data asset miners from discriminatory industry-specific regulations and taxes.
Both Montana and Arkansas have acknowledged that taxes should not be “discriminatory” against mining. While Montana and Arkansas are passing legislation that would make lives of crypto miners easier, some other US states are cracking down on crypto mining.
Earlier this year, Texas Senate Committee on Business and Commerce unanimously passed Texas Senate Bill 1751, placing new restrictions on crypto mining facilities. The legislation mandates crypto miners to register as flexible load operators with the Electric Reliability Council of Texas (ERCOT).
