Bill > SB17

This bill establishes comprehensive protections and regulations for digital assets in Alabama, defining key terms like blockchain, digital assets, and related technologies. The bill prevents the state from restricting individuals' use of digital assets for purchasing goods and services, maintaining digital wallets, and imposes limits on additional taxation of digital asset transactions. Specifically, transactions under $200 using digital assets would be exempt from capital gains taxes, with the threshold adjusted annually for inflation. The legislation prohibits local governments from imposing unique restrictions on digital asset mining businesses that would not apply to other data centers, ensures digital asset miners can operate in industrially zoned areas, and prevents undue limitations on digital asset mining at private residences. Critically, the bill clarifies that digital asset mining, node operations, and staking services will not be classified as money transmission or securities, providing legal clarity and protection for participants in the digital asset ecosystem. The bill aims to create a supportive regulatory environment for digital asset technologies, preventing state and local governments from creating barriers to their use and development, and will take effect on October 1, 2025.

Business and Industry

https://alison.legislature.state.al.us/bill-search