Kentucky Gov. Andy Beashear yesterday signed House Bill 701, which offers greater protections for users who self-custody their Bitcoin and cryptocurrency.
To self-custody Bitcoin or another cryptocurrency means that a user has full control over the private key needed to authorize transactions. It’s more like having cash in a wallet than using a debit card to authorize your bank to send someone money.
Users who prefer that freedom also carry sole responsibility for protecting their holdings. A man in Wales has spent 12 years trying to get permission to excavate a landfill to retrieve a hard drive containing 8,000 Bitcoin worth $696 million at today’s price.
But if that’s the risk users are willing to take, the state of Kentucky wants to protect their rights.
Crucially, the new law received unanimous support at 91-0 in the House during a vote on Feb. 28 and again in the Senate on March 13 with 37-0, before being approved by the governor. […]
— Read More: decrypt.co
