The post Ohio House Passes Bitcoin Rights Bill With $200 Crypto Tax Exemption appeared first on Coinpedia Fintech News
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.
Ohio Approves $200 Capital Gains Tax Exemption for Bitcoin Users
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.
Key Highlights of Ohio’s Bitcoin Rights Bill
In addition to the tax exemption, the bill introduces several rights and protections for cryptocurrency users and businesses:
Clear legal framework for Bitcoin and other digital asset holders
Protection for self-custody of crypto assets
Right to operate mining farms and blockchain nodes
Exempts activities like mining, staking, and node operations from being classified under money transmitter, securities, or investment laws
These measures are designed to encourage innovation in the blockchain and crypto space by reducing regulatory uncertainty.
Government Limitations Under the Ohio Bitcoin Bill
If the bill becomes law, the Ohio Blockchain Basics Act will:
Ban state and local governments from restricting the use of digital assets as payment
Prohibit interference with self-hosted wallets
Prevent rezoning of mining operations without proper notice
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.”
What’s Next for the Bitcoin Bill?
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.