Ohio Advances Blockchain Legislation As Washington City Bans Crypto ATMs
By: Isha Das
Ohio has made significant progress in its journey towards becoming a hub for digital assets and blockchain technology. This week, Ohio's House Technology Committee advanced the Ohio Blockchain Basics Act (HB 116) following a unanimous vote of 13-0, showcasing robust bipartisan support. This legislation is pivotal as it sets foundational legal definitions for blockchain protocols, digital asset mining, and individual rights regarding self-custody and node operations.
One of the Act's most noteworthy provisions is a "de minimis" exemption that permits payments under $200 using Bitcoin without triggering capital gains taxes. This pivotal change aims to eliminate a major roadblock in the use of Bitcoin for everyday transactions. Notably, Dennis Porter, CEO of Satoshi Action Fund, praised the bill for its progressive nature and its potential to facilitate Bitcoin's use as a practical medium of exchange. Ohio is also contemplating two other crypto-focused bills, signifying serious intent to bolster blockchain adoption and implementation within the state.
In stark contrast, Spokane, Washington's second-largest city, has taken a different approach by banning crypto ATMs. This decision stems from a surge in fraudulent activities linked to these kiosks, which have been exploited by scammers to defraud unsuspecting individuals. The city council's unanimous vote underlined the urgency to protect residents, particularly those most vulnerable to scams. This development marks Spokane as the first city in Washington state to implement such a measure, highlighting the growing challenges jurisdictions face in balancing innovation with security.
These contrasting moves by Ohio and Spokane underscore the diverse regulatory landscapes that exist within the United States regarding digital assets. While some areas are fostering innovation and adoption, others are prioritizing consumer protection, reflecting a broader tension in the evolving world of cryptocurrency regulation.
