Crypto News: Montana Governor Signs Bill Allowing Crypto Mining Without Government Interference
Montana’s governor has signed a new law that permits cryptocurrency mining without government interference.The legislation acknowledges the positive economic value of crypto mining and ensures that miners are not subjected to discriminatory rates.
The law also prohibits taxing cryptocurrencies as a payment method. A similar bill in Arkansas has been passed into law, while a comparable bill in Missouri is still under consideration.
Brett Quick, head of government affairs at the Crypto Council for Innovation, noted that policymakers in Montana recognize the value of emerging technology and its role in the broader energy transition.
She stated that crypto data centers have a unique blend of flexibility, consistency, and transparency that can assist with grid instability, energy transfer and storage, and harmful byproducts.
The recent signing of the Montana bill coincided with the Biden administration’s proposal to impose a 30% tax on electricity costs associated with bitcoin mining. While the proposal seeks to address economic and environmental costs, industry executives fear that it could push mining offshore and cause miners to use less green energy.
Montana’s cryptocurrency mining-friendly law marks a significant milestone for the industry. As more states consider similar legislation, experts believe that the US could lead the way in crypto regulation, much like how Washington and Colorado were the first states to legalize marijuana back in 2012.
Related News: New York Attorney General Proposes Crypto Regulation Bill