Montana Bill classifies crypto as personal property approved by House of Reps
Bill designating digital assets as “personal property” passed third reading in Montana’s House of Representatives.
The bill, which also aims to promote the business of local cryptocurrency miners, needs the green light from the state’s governor – Greg Gianforte – to become official.
One step closer
After receiving Senate approval in late February, Act Number 178 recently passed Montana’s House of Representatives by 64 votes to 35. The fourth and final step before he becomes official is the signature of Governor Greg Gianforte.
It is worth mentioning that the politician and State Senator Daniel Zolnikov (sponsor of the legislation) are both part of the Republican Party.
The bill aims to prohibit the taxation of crypto transactions when they are used as means of payment. It also classifies digital assets (including stablecoins and NFTs) as “personal property”.
Another goal of Montana’s eventual legislation is to ban any discriminatory energy rates charged to crypto miners. Such companies operating within state borders will receive certain benefits and reduced control imposed by government agencies.
“The State of Montana wants to protect the right of individuals and businesses to mine 16 digital assets and create legal certainty for the digital asset mining industry. Digital asset mining has the potential to stabilize the grid and provide revenue for 18 infrastructure upgrades across the state,” it said the document.
Which US states are marching against crypto?
Texas, which has emerged as the crypto mining hub of the US, is one of the friendly places. The vast area of the state, the favorable climatic conditions and the relatively low electricity costs have attracted many industrial players to settle there. As The crypto potato reported in the summer of 2021, some Chinese miners saw Texas as their next possible destination after the total ban on all crypto operations.
In addition, the junior US senator for Texas – Ted Cruz – is an outspoken proponent of bitcoin, fighting it gives economic freedom to people because governments cannot control it.
Arizona is another region where BTC can flourish. State Senator Wendy Rogers proposed a bill last year that seeks to make the asset an official form of payment. The politician has previously shown intentions to make the Grand Canyon State a “crypto-friendly” territory.
Florida also finds a place on that list. Governor Rob DeSantis so by the end of 2021 that domestic governments would enable businesses to pay their government taxes in digital assets instead of fiat. The 44-year-old Republican who recently may run for president of the United States next year presented himself as opposed to the creation of a digital dollar.
He believes such a monetary product could act as a surveillance tool and proposed a total ban in the territory of Florida.
