Ohio's House Technology and Innovation Committee has passed House Bill 166 unanimously
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Ohio’s House Technology and Innovation Committee unanimously passed House Bill 116, known as the “Bitcoin Rights” bill, with a 13-0 vote. The bipartisan support signals Ohio’s push to become a cryptocurrency and blockchain technology leader. The bill, introduced by Republican Representative Steve Demetriou, is part of a growing national trend to protect the rights of digital asset holders. It now heads to the full Ohio House of Representatives for debate and a vote. Before the vote, Demetriou said it was a historic day for the state, adding that they were laying a foundation to support new technologies and provide Ohioans with greater financial control. He acknowledged committee members for coming out to take a vote for the bill. The unanimous vote represents the increasing political consensus surrounding the importance of delivering straightforward legal safeguards for digital asset users at the state level. Ohio moves to protect self-custody and mining The bill protecting self-custody mining may be problematic for those discussing financial sovereignty or DeFi, where advocates argue that self-custody is endemic to the crypto ecosystem. The bill would also protect the rights of the residents and companies there to run blockchain nodes and mine for virtual currencies. Those activities are essential to operating decentralized systems like Bitcoin and Ethereum, which verify transactions and secure the network. In protecting those rights in statute, the hope is that Ohio can lure businesses building a blockchain infrastructure and avoid the sort of regulatory crackdown that has recently materialized in other states. HB 116 also brings in a $200 exclusion from state capital gains tax on the gains resulting from transactions of digital assets. The amendment is intended to relieve small crypto users targeted by the tax man – traders who make low-worth purchases or peer-to-peer transfers. Supporters say the exemption will help spur…
