https://ift.tt/jygVtRF state Rep. proposes new bill that could favor Bitcoin mining

TL;DR Breakdown

• The representative from Louisiana State and crypto fanatic Mark Wright has proposed a Bill called “No. 1010,” which may allow for the creation of deregulated industrial energy zones before his state’s House of Representatives.
• Such a law could attract crypto mining benefits to the Louisiana state government.

Louisiana State Representative Mark Wright recently proposed Bill “No. 1010” to allow for the creation of deregulated industrial energy zones in his state. This is not the first time a U.S. state has considered such a move, with New York already taking steps in this direction.

Louisiana sets to attract crypto miners

Rep. Wright explained the tough situation for Bitcoin miners in Louisiana due to the rules of the land and which makes the miners clash with the power producers. He announced the initiative would allow the creation of 640-acre deregulated energy zones by the native government. These zones would make it simpler for power producers and Bitcoin miners to associate with each other effectively, according to him.

Creating these zones would attract several Bitcoin mining benefits to the state government. Firstly, it would provide a more stable and reliable source of energy. Secondly, it would help lower the cost of electricity, as miners would be able to negotiate better rates with power companies. And thirdly, it would provide greater certainty and predictability for miners when planning their operations.

Should it become a law, the “Deregulated Industrial Energy Zones Act” would allow the Louisiana state government “to designate a tract of land within the parish as a power zone.”

Ultimately, it could be a major boost for Bitcoin mining in the United States. It would also send a strong signal to other states considering similar moves. This is yet another example of how the cryptocurrency industry is slowly but surely gaining mainstream adoption.

Furthermore, establishing deregulated energy zones would make Louisiana a great location for Bitcoin (BTC) miners, as suggested by the Heart for Know-how and Innovation Coverage director of the Pelican Institute for Public Coverage on April 18.

The Act to boost the cryptocurrencies ecosystem in the US

Considering that Consultant Wright is a known crypto-enthusiast who has frequently expressed his enthusiasm on his Twitter profile, it’s reasonable to conclude he created the invoice with similar ideas in mind.

Despite some of the financial regulators in the United States taking a tough stance on cryptocurrencies, there appears to be no lack of crypto supporters like Wright among America’s politicians, who have been increasingly outspoken in recent months. This is not the first time a U.S. state has considered such a move, with New York already taking steps in this direction.

Wyoming US Senator Cyntia Lummis has also been a strong supporter of cryptocurrency in the Senate. As reported earlier last year, Senator Lummis was preparing to present a new regulatory body for cryptocurrencies to Congress that would take place later this year. This idea will be included in her digital asset policy bill, which seeks to establish a simple and secure framework for Bitcoin trading in the United States.

The United States has taken a big step closer to becoming a bitcoin society in the last year, gaining significant market dominance in the first three months of 2022. In the United States, using cryptocurrencies is so popular that the president, Joe Biden, has called for the establishment of a regulatory framework to protect customers.

The increased demand for digital currency fueled financial innovations and inclusion within the sector. This has prompted governments throughout the world to develop regulatory systems that will incorporate crypto assets into their economies. The US Treasury Department recently sent out a letter to some senators stating that it intended to exempt crypto miners, stakers, and other market participants from IRS rules requiring cryptocurrency brokers to provide information on their clients’ transactions.