The Ohio House of Representatives has advanced the Blockchain Basics Act, aimed at providing protections for cryptocurrency users, including a $200 tax exemption on capital gains from crypto transactions. This bill prohibits state and local governments from interfering with the use of digital assets and protects the use of self-hosted and hardware wallets. It allows individuals to mine cryptocurrencies in residential areas, provided they comply with local ordinances, and ensures that mining businesses in industrial zones are safeguarded from discriminatory zoning changes. All crypto transactions below $200 will be exempt from capital gains tax, simplifying tax obligations for everyday users. The bill, which won a 68-26 vote, is now headed to the Ohio State Senate for further consideration. Representative Steve Demetriou expressed optimism about Ohio becoming a leader in the cryptocurrency sector, reflecting a growing trend among states to protect the rights of crypto users. This legislation follows similar moves in other states enhancing crypto regulations, indicating a national shift towards a more organized approach to digital assets.

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