Nebraska Embarks on Pioneering Blockchain Legislation with the Introduction of the ‘Blockchain Basics Act’
The ‘Blockchain Basics Act,’ a groundbreaking legislative proposal aimed at safeguarding various blockchain-related activities from potential federal prohibition, has been unveiled in Nebraska. Senator Eliot Bolstar is spearheading this initiative, echoing a similar bill recently proposed in Missouri. This move is part of a larger trend, with an anticipated 13 states poised to launch comparable cryptocurrency legislations in 2024, as reported by the Satoshi Action Fund.
Nebraska Leads the Charge in Cryptocurrency and Blockchain Laws
On January 5, Nebraska’s legislative body, the Unicameral Legislature, witnessed the introduction of the ‘Blockchain Basics Act’ by Senator Eliot Bolstar. This act positions Nebraska as a leader in embracing blockchain and cryptocurrency advancements.
The legislation focuses on ensuring Nebraskans’ freedom to mine cryptocurrencies, maintain control over their digital assets, and engage in crypto transactions. A notable feature of the act is its provision exempting state capital gains taxes on cryptocurrency dealings below $200.
This Nebraska initiative mirrors the one in Missouri, championed by Representative Phil Christofanelli and backed by the Satoshi Action Fund, a nonprofit organization advocating for cryptocurrency-friendly policies. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, highlighted that this Nebraska bill is a continuation of Mike Flood’s earlier efforts, prior to his transition to a federal role in Washington DC.
Mike Flood notably co-authored the Nebraska Financial Innovation Act of 2021, which permitted banks to function as ‘Digital Asset Depositories,’ enabling them to handle and trade cryptocurrencies with state authorization.
Porter emphasized Nebraska’s position as the second state to introduce such a bill, anticipating similar legislative efforts in other states. He stated in a communication:
“In 2024, we aim to launch at least 13 bills across different states. Each bill’s introduction typically leads to a state hearing, inviting public feedback.”
This strategy reflects a broader national push, initiated by Porter, to champion cryptocurrency adoption at the state level, akin to the path taken by cannabis regulation.
