The Ohio House of Representatives has passed House Bill 116, widely known as the “Bitcoin Rights” bill. Approved unanimously by the House Technology and Innovation Committee with a 13-0 vote, the bill is now heading to the Senate for final approval.
House Bill 116 introduces a $200 tax exemption on capital gains from crypto transactions at the state level. Referred to as the “de minimis” exemption, this measure is aimed at relieving Ohio residents from tracking and reporting taxes on small crypto transactions—like everyday purchases and tips.
The move is expected to boost crypto adoption across the state by simplifying the use of digital assets in daily life.
In addition to the tax exemption, the bill introduces several rights and protections for cryptocurrency users and businesses:
These measures are designed to encourage innovation in the blockchain and crypto space by reducing regulatory uncertainty.
If the bill becomes law, the Ohio Blockchain Basics Act will:
Representative Steve Demetriou, a key supporter of the bill, stated:
“Once we pass this bill, we’ll become one of the first states in the country to create a common-sense regulatory framework for these cutting-edge technologies and industries.”
The bill now heads to the Ohio Senate for approval. If it passes there, it will be sent to Governor Mike DeWine for final signature into law.Supporters believe the bill has a strong chance of success thanks to its focus on innovation, individual rights, and clear regulatory guidance—making Ohio a potential national leader in crypto-friendly legislation.
The Pi Network community is buzzing with excitement after a 2021 Pi Network hackathon winner,…
Google Cloud is entering financial technology with its new blockchain platform, Google Cloud Universal Ledger…
The cryptocurrency market has had a turbulent week, swinging between sharp pullbacks and brief rallies.…
The cryptocurrency market has inched higher over the last 24 hours, with most of the…
Binance Coin (BNB) price rebounded on Tuesday on news of the REX-Osprey BNB staking ETF…
Howard Lutnick, the Secretary of the U.S. commerce, announced on Tuesday that his department plans…