March 27, 2024
Nebraska Senator Proposes Crypto Standards Bill
AI

Nebraska Legislature Proposes Bill for Cryptocurrency Standards

A bill was introduced in the Nebraska Legislature to set up fundamental standards for cryptocurrency in the state. Nebraska State Senator Eliot Bostar presented legislative bill 911 on Jan. 5, aiming to adopt the Blockchain Basics Act. The bill’s objective is to create regulations fostering a secure and lawful environment for cryptocurrency mining, holding, and trading among Nebraska residents.

Under the Blockchain Basics Act, individuals can run blockchain nodes and conduct crypto mining operations in residential areas without needing licenses. However, they must adhere to local noise regulations. Conversely, crypto businesses would be restricted to operating solely in designated industrial zones. The bill prevents local authorities from overriding existing noise restrictions, imposing new rules on data centers, or altering zoning. Additionally, it doesn’t classify staking services as security within Nebraska.

Moreover, it seeks to protect investors’ rights to self-custody and shield against burdensome crypto taxes in the state. Concurrently, alongside Bostar’s efforts to level the crypto field, California State Senator Steve Padilla introduced two bills on Jan. 4, aimed at establishing a “safe and ethical framework” for AI service providers operating within the state.

Should it become law, Senate Bill 892 would mandate California’s Department of Technology to establish safety, privacy, and nondiscrimination standards for AI services. Meanwhile, Senate Bill 893 would require several state agencies to set up an AI research hub in California.

Padilla stated that these proposed laws would prevent a few companies from monopolizing the future of AI. He emphasized the importance of this as a public good that should benefit all in society, advocating for public investments to avoid a future controlled by a small group of billionaires.

Image by freepik

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