✔️ HB116
Enact the Ohio Blockchain Basics Act
Summary
The Ohio Blockchain Basics Act prohibits the imposition of fees, taxes, or assessments on digital assets used as payment for goods and services, and regulates digital asset mining and investments by state retirement systems. It allows digital asset mining in residential areas under local regulations and mandates state retirement systems to evaluate investment options in digital assets. The act also clarifies that no money transmitter license is required for certain digital asset activities.
Rationale
The bill aligns with Libertarian principles by promoting the use of digital assets without government taxation and regulation, supporting individual rights to engage in digital asset transactions, and limiting government interference in economic activities. It reflects a commitment to free markets and personal responsibility, which are core tenets of both the LP and LPO platforms.
Risks and Concerns
- Potential regulatory overreach in defining digital assets and mining activities.
- Local governments may impose restrictive regulations despite the bill's intent.