The Ohio House of Representatives passed a bill that would make it easier for cryptocurrency holders to use their crypto assets for payments, sending it to the Senate for further deliberation.
According to The Block on the 19th (local time), the Ohio Blockchain Basics Act, also known as HB 116, was passed by the House of Representatives with a 70-26 vote on Wednesday, a day after passing through the Technology Innovation Committee, as stated on the legislative website.
The House stated in a press release that if the bill is enacted, it will ensure that cryptocurrency asset holders can "easily use digital currency to purchase goods and services in Ohio".
HB 116 will prohibit local governments from imposing additional taxes or fees on individuals using cryptocurrency for legal services and will exempt transactions under $200 from capital gains tax.
The bill also seeks to protect cryptocurrency mining businesses from being unfairly targeted by government policies.
Steve Demetriou, the bill's primary sponsor, said, "As digital commerce and privacy become increasingly important in the lives of Ohio residents, it is crucial to ensure that the blockchain and digital asset industry thrives here in the Buckeye State, not anywhere else".
Ohio is one of several states reviewing cryptocurrency-related bills focused on payments and state treasury management. At the federal level, the U.S. Senate passed the groundbreaking GENIUS Stablecoin Act on Tuesday, which has now been sent to the House for further deliberation.
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