SB 1507 - This act creates new provisions relating to digital assets.The act creates the "Blockchain Basics Act" which creates various prohibitions and restrictions on the state and political subdivisions with respect to the use, control, and participation in the mining of digital assets, as defined in the act, by individuals and businesses.
Digital assets used as a method of payment shall not be subject to any additional tax, withholding, assessment, or charge by the state or a political subdivision that is based solely on the use of the digital asset as the method of payment, nor shall it be subject to any capital gains tax, as provided in the act.
The Public Service Commission is permitted to approve rates reflective of cost to serve but shall not approve a rate schedule for digital asset mining that creates discriminatory rates for digital asset mining businesses.
The act exempts home digital asset miners and digital asset mining businesses from the Sale of Checks Law.
The act provides that no business offering to provide digital asset mining or staking as a service for individuals or to other
businesses shall be considered as an offering of a security
or investment contract under state law.
The act exempts individuals or entity's from liability related to a specific transaction merely because the individual or entity validating such transaction:
• Engages in digital asset mining;
• Operates a node or series of nodes on a blockchain network; or
• Provides digital asset mining or staking as a service for individuals or other businesses.
This act is substantially similar to HCS/HB 2107 (2024) and similar to a provision in SB 692 (2023).
SCOTT SVAGERA