Virginia State Senate Brings Regulation to Protect Miners’ Rights

Virginia State Senate has introduced a bill to protect the rights of cryptocurrency miners and is currently under consideration.

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Bitcoin mining has been a topic of debate in the United States for quite some time, and amid the environmental concerns of the activity, the Virginia State Senate has introduced a bill to protect the rights of cryptocurrency miners. 

The proposed Senate Bill No. 339 was introduced earlier in January, as per reports by the youngest member of the Senate, Senator Saddam Azlan Salim. Virginia also approved a bill amendment that authorized traditional banks to offer digital currency or crypto custody solutions.

Virginia to Turn Pro Bitcoin Mining?

According to the bill, which was proposed on January 9, individuals and businesses engaged in digital mining activities will be exempt from obtaining money transmitter licenses, marking a major push in the US state. 

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Protection from Discrimination

The digital asset miners will also be shielded from discrimination by prohibiting industrial zones from banning digital asset mining or imposing more restrictive noise ordinances than those in place in industrial zones.

“No license under this chapter shall be required of any person engaging in home digital asset 37 mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 38 15.2-2288.9,” the bill states.

Exemptions for Miners in Virginia

The bill, which is currently under discrimination in the Senate, will go to the House of Delegates for consideration and, if approved, will be signed into law. Notably, under certain conditions, the proposed bill also exempts issuers and sellers of digital assets from securities registration. 

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“An issuer or seller of a digital asset shall be exempt from the securities registration requirements of this chapter if (i) the digital asset cannot be considered an investment contract, (ii) the issuer or seller of the digital asset did not market the digital asset to the initial buyer as a financial investment, and (iii) the issuer or seller of the digital asset takes other reasonable precautions to prevent an initial buyer from purchasing the digital asset as a financial investment.”

Bitcoin Mining in the US

The bill further states that those firms operating in Virginia and offering mining or staking services cannot be classified as a “financial investment.” But they will have to file a notice so that they can be recognized for the exemption. 

As covered earlier, the stocks of Bitcoin mining firms in the US have surged in popularity, boasting a trading volume that exceeds $3.5 billion.

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