Kentucky Passes Law to Protect Bitcoin Asset Custody and Mining Rights

The Kentucky Senate has unanimously passed a bill (HB 701) aimed at protecting Bitcoin (BTC) asset custody and mining rights. Only the governor's signature remains for the bill to be enacted.

According to Cryptopolitan on the 14th (local time), this bill guarantees the right of Bitcoin holders to directly custody their assets without government intervention. It also includes provisions prohibiting local governments from restricting Bitcoin mining through ordinances or land use regulations. The bill clarifies that Bitcoin mining and staking services do not constitute securities, thus resolving regulatory uncertainty.

Representative Adam Bowling, who co-sponsored HB 701, stated, "This bill focuses on protecting personal financial freedom and blocking excessive government intervention." Fellow co-sponsor Representative T.J. Roberts also explained, "The key is to ensure that Bitcoin mining companies do not face unreasonable regulations," adding that "it has helped Kentucky create a crypto-friendly environment."