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On March 24, Kentucky Governor Andy Beshear also signed House Bill 701, called the ‘Bitcoin Rights’ bill, into law, protecting crypto users’ rights. At the same time, Bitcoin reserve bills were moving forward in two other US states.
In a statement to X on the same date, the crypto advocacy group the Satoshi Action Fund said House Bill 701 safeguards the “right to self-custody, run a node, and use digital assets” free from “fear of discrimination”.
New Law Brings More Support for Crypto Users in Kentucky
On 19 February, HB701 was first introduced in the Kentucky House by Rep. Adam Bowling. Its description states that it protects the freedom to use digital assets and self-custody wallets and stops local zoning changes that hurt crypto mining.
Furthermore, the law explains how to run a crypto node, clearly says that crypto mining does not need a money transmitter license, and adds that mining and staking do not count as selling or offering a security.
The bill passed both the House of Representatives and the Senate of Kentucky. The House of Representatives passed it on 28 February with 91 votes, and the Senate passed it on 13 March with 37 votes. Thereafter, Andy Beshear made it a law on 24 March.
The bill is the same as one that Oklahoma Governor Kevin Stitt signed into law in May 2024. That earlier bill also focused on protecting crypto rights like self-custody and node operation in the same way.
A bill has also been introduced in Kentucky to create a Bitcoin reserve. This would let the State Investment Commission invest up to 10% of the state’s extra reserves in digital assets, such as Bitcoin. The bill is still being looked over.
Other Bitcoin Reserve Bills Advance
According to the crypto support group called Oklahoma Bitcoin Association, around the same time, lawmakers in Oklahoma passed House Bill 1203 (HB 1203), also known as the Strategic Bitcoin Reserve Act. It got 77 votes in favour and 15 against in the State House.
On January 15, State Representative Cody Maynard presented the measure to the Oklahoma House of Representatives. And it passed the Government Oversight Committee with a 12-2 vote on February 25.
First, it has to go through the Senate. Then the Oklahoma governor can either veto the bill or sign it into law. On January 8, Oklahoma State Senator Dusty Deevers also introduced a bill that would allow individuals in the state to receive payments in Bitcoin.
Oklahoma, Texas, Arizona, and Missouri Now Competing in Bitcoin Race
In a March 24 post, Bitcoin Laws, a group that keeps track of Bitcoin laws, said that Oklahoma is now tied with Texas for second place in the race for state Bitcoin reserves.
Arizona is still in the lead after two bills for a strategic digital asset reserve passed the House Rules Committee on March 24 and are now on their way to the House floor for a full vote.
Given Republicans rule the Oklahoma Senate and the governor is also a Republican, Bitcoin Laws notes the bill has a favorable chance to pass into law.
According to Bitcoin Laws, Missouri’s Special Committee on Intergovernmental Affairs is currently reviewing the state’s Bitcoin reserve bill.
In short, many US states, like Kentucky, Oklahoma, and Arizona, are now making real laws to support Bitcoin and crypto users. Kentucky’s new law is a big step because it protects people’s right to use and hold digital money like Bitcoin. Other states are also moving fast, and it looks like the Bitcoin race between US states has just begun.
