The Ohio House of Representatives has passed a bill that will provide a range of protections for cryptocurrencies and exempt capital gains tax on cryptocurrency transactions under $200.

On June 18, state House members voted 70-26 in favor of House Bill 116, known as the "Ohio Blockchain Basic Act," which will now be submitted to the state Senate and then to Governor Mike DeWine's desk.

The bill earlier received bipartisan support in the state Technology and Innovation Committee, passing with a 13-0 vote.

Republican Representative Steve Demetriou, the main supporter of the bill, pointed out on June 18 that the "two main focuses" of the bill are to allow for more convenient cryptocurrency payments and to "protect digital asset mining businesses from discriminatory government overreach."

🇺🇸 JUST IN: Ohio's ‘Bitcoin Rights’ bill HB 116 passes the House by a 68-26 vote, next heading to the Senate. pic.twitter.com/xRcTXC3KCI

Many state legislators across the U.S. are considering passing cryptocurrency bills, with data from the digital asset law tracking site Bitcoin Laws showing that 40 out of the 50 states have introduced over 160 cryptocurrency-related bills.

The bill will exempt capital gains tax on all cryptocurrency transactions under $200, with this amount to be adjusted annually for inflation.

The $200 limit will apply to the first tax year after the bill is passed and will be adjusted based on the consumer price index, rounded to the nearest $5.

The bill will also prevent the state tax commissioner from lowering the limit after it is raised and prohibits state government and agencies from implementing regulations that restrict residents from accepting cryptocurrency as a payment method.

Additionally, the bill will allow anyone to mine cryptocurrency in areas designated as residential, as long as they comply with local noise ordinances and regulations.

Cryptocurrency mining businesses that comply with local regulations will also be allowed "to operate in any area designated for industrial use in the state," the bill states.

The bill aims to protect cryptocurrency mining businesses and indicates that the state government should not enforce specific laws or rules against cryptocurrency mining businesses "unless those laws or rules also apply to other similar businesses."

The bill will also prohibit the state government from rezoning land that affects cryptocurrency mining businesses, "unless proper notice and comment procedures are followed," and if affected cryptocurrency miners believe they are being discriminated against, they can appeal any rezoning decision to the courts.

The Blockchain Basic Act explicitly states that a range of activities that help operate blockchain or do not involve the use of fiat currency do not require a money transmission license.

The bill clarifies that anyone "merely engaged in" cryptocurrency mining, staking, operating blockchain nodes, exchanging between different cryptocurrencies, or developing and deploying software that supports cryptocurrency exchanges does not need to apply for a license.

The bill also specifically emphasizes that businesses providing cryptocurrency mining or staking services "are not considered to be providing securities or investment contracts." This view sharply contrasts with federal regulators under the Biden administration, who have taken the opposite stance in suing dozens of cryptocurrency companies.

The bill simultaneously prohibits the government and its agencies from creating any rules to prevent or restrict Ohio residents from holding their cryptocurrencies through hardware wallets or self-custody wallets.

Ohio is also planning to consider another bill that would create an "Ohio Bitcoin Reserve Fund." This proposal was introduced earlier this year in January and is currently under review by the Financial Institutions, Insurance, and Technology Committee.

Related: Need help from ChatGPT? It might make you smarter.

Original: “Ohio House Passes Bill Allowing Tax-Free Cryptocurrency Payments Up to $200”

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