Bill
Bill > S1296
ID S1296
ID S1296Adds to existing law to establish the Distributed Ledger Technology Act to provide for certain rights regarding the use of distributed ledger technology.
summary
Introduced
02/09/2024
02/09/2024
In Committee
02/12/2024
02/12/2024
Crossed Over
Passed
Dead
04/12/2024
04/12/2024
Introduced Session
2024 Regular Session
Bill Summary
RELATING TO THE DISTRIBUTED LEDGER TECHNOLOGY ACT; AMENDING TITLE 28, IDAHO CODE, BY THE ADDITION OF A NEW CHAPTER 54, TITLE 28, IDAHO CODE, TO PRO- VIDE A SHORT TITLE, TO PROVIDE LEGISLATIVE FINDINGS AND INTENT, TO DE- FINE TERMS, TO PROVIDE FOR THE RIGHT TO OPERATE DISTRIBUTED LEDGER TECH- NOLOGY NODES, TO PROVIDE A RIGHT TO SELF-CUSTODY AND USE OF DISTRIBUTED LEDGER TECHNOLOGY TOKENS, TO PROHIBIT CERTAIN TAXATION AND TO PROVIDE FOR THE APPLICATION OF IDAHO TAX CODE, AND TO PROVIDE FOR THE RIGHT TO RUN DISTRIBUTED LEDGER TECHNOLOGY NODES; AND DECLARING AN EMERGENCY.
AI Summary
This bill aims to establish the Distributed Ledger Technology Act in Idaho, which would provide certain rights and protections for the use of distributed ledger technology (such as blockchain). The key provisions include:
1. Prohibiting local governments from enacting regulations that discriminate against or overly burden distributed ledger technology verification businesses or individuals running distributed ledger technology nodes.
2. Ensuring the right of individuals to self-custody and use distributed ledger technology tokens for purchasing legal goods and services, without additional taxes or restrictions.
3. Declaring that individuals engaged in home distributed ledger technology verification or operating a distributed ledger technology verification business are not considered money transmitters under Idaho law.
4. Affirming the right of individuals to run distributed ledger technology nodes without undue restrictions from local governments.
The bill seeks to provide legal certainty and support for the distributed ledger technology industry in Idaho, recognizing its potential economic benefits while preventing overregulation at the local level.
Committee Categories
Business and Industry, Justice
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Commerce and Human Resources Committee (Senate)
Last Action
Filed in Office of the Secretary of Senate (on 04/02/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2024/legislation/S1296/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1296E1.pdf |
| Amendment S1296A1 | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1296A1.pdf |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1296.pdf |
| Fiscal Note/Analysis - Statement of Purpose / Fiscal Note | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2024/legislation/S1296SOP.pdf |
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