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Montana Bill Classifying Crypto as Personal Property Approved by House of Reps

Montana Bill Classifying Crypto as Personal Property Approved by House of Reps

Montana’s House of Representatives has passed draft legislation that designates digital assets as “personal property”. The bill also aims to support local cryptocurrency miners and needs the approval of Montana’s Governor, Greg Gianforte, to become official.

One Step Closer

After Senate approval at the end of February, bill number 178 has passed Montana’s House of Representatives with 64 votes in favor and 35 against. The final step before becoming official is the signature of Governor Greg Gianforte. It’s important to note that the sponsor of the legislation, State Senator Daniel Zolnikov, and the politician are both part of the Republican Party.

The legislation aims to prohibit the taxation of crypto transactions when used as a means of payment. It also classifies digital assets, including stablecoins and NFTs, as “personal property”. Montana’s eventual legislation aims to prevent the charging of discriminatory energy rates on crypto miners. Companies operating inside Montana’s borders will benefit from reduced control imposed by government agencies and provided with certain benefits.

“The State of Montana wants to protect the right of individuals and businesses to mine 16 digital assets and create legal certainty for the digital asset mining industry. Digital asset mining has the potential to stabilize the grid and provide revenue for 18 infrastructure upgrades statewide,” the document reads.

Which US States Are Marching Toward Crypto?

Texas, which has become the crypto mining hub of the USA, is one of the friendly locations. The state’s vast area, favorable climate conditions, and relatively low cost of electricity have attracted numerous industry players to settle there. As CryptoPotato reported in the summer of 2021, some Chinese miners saw Texas as their next possible destination after the total ban on all crypto operations.

In addition, junior United States Senator for Texas, Ted Cruz, is an outspoken proponent of bitcoin, arguing that it provides financial freedom because governments cannot control it.

Arizona is another region where bitcoin may thrive. State Senator Wendy Rogers proposed a bill last year that seeks to make the asset an official payment method. The politician has previously displayed intentions to turn the Grand Canyon state into a “crypto-friendly” territory.

Florida also finds a place on that list. Governor Rob DeSantis said at the end of 2021 that domestic authorities should enable businesses to pay their state fees in digital assets instead of fiat. The 44-year-old Republican, who may run for President of the USA next year, recently presented himself as an opponent of the creation of a digital dollar. He thinks such a monetary product could act as a surveillance tool and suggested its complete prohibition in Florida’s territory.