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Ohio’s House of Representatives Passes Crypto Bill to Allow $200 Tax Free Threshold for Crypto Transactions
- Ohio's House of Representatives passed a bill incentivizing crypto use, exempting transactions below a $200 threshold from capital gains tax.
- The bill aims to encourage the use of Bitcoin as currency for everyday purchases.
- The legislation, titled House Bill 116, passed with a vote of 70-26 as the Ohio Blockchain Basics Act.
- The bill needs approval from the Senate and Ohio Governor Mike DeWine to become law.
- The bill, sponsored by Representative Steve Demetriou, aims to facilitate crypto use and protect the mining industry from excessive government control.
- House Bill 116 passed after the Genius Act, providing stability to the stablecoin market, was passed at the federal level.
- Ohio intends to attract crypto entrepreneurs with incentives to enhance its economy.
- The bill proposes regulations for crypto mining, allowing operations in residential and industrial areas with noise restrictions and protection from rezoning.
- Ohio has also introduced the Strategic Bitcoin Reserve bill to invest public funds into Bitcoin.
- States like New Hampshire and Arizona have passed Bitcoin Treasury laws, while federal legislation aims to create a Strategic Bitcoin Reserve funded by seized assets.
- An alignment of state and federal laws could benefit blockchain companies and consumers by providing regulatory clarity.
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