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House committee advances bill to clarify digital-asset rules in Kentucky, removes mining language
Summary
House Bill 701, sponsored by State Representative Adam Bowling, passed the House Standing Committee on Banking and Insurance after the committee adopted a substitute that removed a mining section and added a clarification that businesses are not required to accept digital assets as payment.
House Bill 701, sponsored by State Representative Adam Bowling, passed the House Standing Committee on Banking and Insurance on a voice and roll-call vote after the committee adopted a substitute that removed a proposed mining provision and added a sentence clarifying that the law will not require any person to accept digital assets as payment.
The bill aims to give Kentucky statutory definitions governing “digital assets” and to make clear that certain digital-asset activities are not securities so they fall outside securities regulation. Representative Adam Bowling, the bill’s sponsor, told the committee the measure is intended to “modernize and move Kentucky forward with regards to digital assets and blockchain technology” and to “protect monetary freedom and prevent outdated regulations from stifling innovation and commerce.”
Supporters said the changes adopted in…
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