Nebraska’s legislative landscape witnessed a significant development on January 5th as State Senator Eliot Bostar introduced Bill 911, aimed at implementing the Blockchain Basics Act within the state.
This legislative proposal has a fundamental objective: to establish a framework for safe and legally compliant cryptocurrency activities, encompassing mining, holding, and trading, all in the best interests of Nebraska’s residents.
The Blockchain Basics Act, as envisioned in Bill 911, takes a balanced approach. It allows individuals to set up blockchain nodes and engage in crypto mining on residential properties without the necessity of obtaining licenses.
However, there’s a crucial caveat: all operators must adhere to local noise ordinances, ensuring that the tranquility of neighborhoods is maintained.
In contrast, crypto-related businesses will be restricted to operating exclusively from designated industrial zones.
Moreover, the legislation places constraints on political subdivisions, preventing them from altering existing noise pollution limits, imposing new requirements that do not pertain to data centers, or altering zoning regulations.
Additionally, the Blockchain Basics Act distinguishes staking services from securities within the context of Nebraska’s regulatory framework.
Notably, the bill goes beyond promoting crypto activities; it also emphasizes the protection of investor rights.
It guarantees the right to self-custody for every investor and seeks to shield them from onerous cryptocurrency taxes within the state.
Senator Bostar’s commitment to fostering a level playing field for crypto enthusiasts mirrors efforts in other states, such as California.
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Coincidentally, on January 4th, California State Senator Steve Padilla introduced two bills with the overarching goal of establishing a “safe and ethical framework” for artificial intelligence (AI) service providers operating within the state.
Senate Bill 892 envisions the California Department of Technology setting standards for safety, privacy, and non-discrimination in AI services.
Meanwhile, Senate Bill 893 seeks to establish an AI research hub involving the Government Operations Agency, the Governor’s Office of Business and Economic Development, and the Department of Technology.
Senator Padilla underscored the importance of these initiatives in ensuring that AI benefits the entire society, rather than being monopolized by a select few companies.
He emphasized the need for public investments to prevent a future where a handful of billionaires dictate the trajectory of AI technology.
In summary, Nebraska’s introduction of Bill 911 and California’s initiatives led by Senator Padilla exemplify the ongoing efforts at both state and local levels to regulate emerging technologies like blockchain and AI, while safeguarding the interests of the public.
These legislative moves reflect the states’ commitment to fostering innovation within a structured and ethical framework.
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