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House banking committee adopts substitute for bill defining digital assets, removes mining provisions
Summary
The Kentucky House Standing Committee on Banking and Insurance adopted a committee substitute for House Bill 701 that defines digital assets, affirms the right to hold and transact them, removes proposed mining restrictions and clarifies that businesses are not required to accept digital assets as payment. The committee voted to advance the bill.
FRANKFORT — The House Standing Committee on Banking and Insurance on Monday adopted a committee substitute for House Bill 701, a measure that seeks to set state-level definitions and some regulatory boundaries for digital assets.
State Rep. Adam Bowling, who sponsored the measure, told the committee the substitute removes a previously proposed mining section and clarifies that the bill "shall not require any person to accept digital assets for payment for legal goods or services." Bowling said the bill aims to protect "monetary freedom" and prevent outdated regulations from impeding commerce as blockchain technology and digital assets grow.
The substitute keeps several provisions from the draft, Bowling said, including definitions for digital-asset activity, language intended to preserve an individual's right to hold and…
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