An Ohio state representative has introduced legislation that would protect the right to use Bitcoin and other cryptocurrencies as a peer-to-peer medium of exchange.
The Ohio Blockchain Framework Act, introduced by state Rep. Steve Demetriou, would “ensure the financial freedom of Americans” by protecting the rights to “buy and sell,” “mine,” and “self-manage” digital assets. To operate a private blockchain node summary Provided by Satoshi Act Fund.
“This legislation I recently introduced will lay the foundation for Ohio to become a leader in the blockchain and digital asset industry,” Demetriou said. Posted on Twitter on Thursday.
The bill’s text also advocates more lenient taxes for cryptocurrencies when used as a physical medium of exchange, suggesting that Bitcoin and other coins should receive the same tax treatment as legal tender in such transactions.
“The General Assembly shall not enact legislation proposing to impose any fee, tax, assessment, or other charge on digital assets used as a method of payment for goods and services based on the use of digital assets. It says “Payment.”
The bill even calls for mandatory valuation of certain digital asset investments by state retirement systems. This provision includes evaluating a Bitcoin spot ETF as an investment option for Ohio police, fire, teachers, highway patrol, and public employee pension funds.
Demetriou’s office did not respond to a request for comment. decryption.
The bill makes Ohio the 16th state this year to introduce legislation to defend Bitcoin against moves by federal lawmakers to move in the opposite direction.
Democratic lawmakers, such as Senator Elizabeth Warren, have repeatedly pushed for legislation that would impose Bank Secrecy Act reporting requirements on cryptocurrency wallet providers, miners, and validators and crack down on the use of digital assets for criminal activity.
Meanwhile, the Biden administration has threatened the mining industry with burdensome reporting requirements and was considering imposing a 25% tax on unrealized capital gains of high-net-worth individuals, which would also impact cryptocurrency whales. The action has taken place since then. placed on the table.
Biden’s budget proposal also would increase the regular capital gains tax rate to 44.6% for people earning more than $1 million a year.
Edited by Ryan Ozawa.
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