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HB 701 Kentucky House · 2025 Regular Session

AN ACT relating to blockchain digital assets.

Summary
Create new sections of KRS Chapter 369 to define terms relating to blockchain technology; allow individuals to use digital assets and self-hosted wallets; prohibit local zoning changes that discriminate against a digital asset mining business; provide guidelines for operation of a node; amend KRS 286.11-007 to exclude home digital asset mining, digital asset mining business, and the operation of a node from money transmitter license requirements; amend KRS 292.340 to provide that digital asset mining or staking as a service shall not be deemed to be offering or selling a security.
Issues: ✓ TechnologySupports TechnologyBill explicitly enables blockchain use, removes licensing barriers for digital assets/mining, and prohibits zoning discrimination against mining businesses, advancing technology adoption.95% confidence
Bill status signed all 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
House Passage
Mar 2025
Senate Passage
Mar 2025
Signed into Law
Mar 2025
Introduced Feb 19, 2025 Signed Mar 24, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Current/Final · 3 edits
MINOR
The bill was renumbered from a bill report (BR 329) to a House Bill (HB 701) and updated to reflect a newer version. The most substantive change is the reorganization of definitions, where 'Central bank digital currency' was removed and 'Cryptocurrency' was added as a new definition. The bill also clarifies that digital assets used for payment should not be subject to additional taxes beyond what applies to regular currency transactions.
Scope change
The bill's scope was expanded by adding 'Cryptocurrency' as a defined term and removing the 'Central bank digital currency' definition, which may affect how different types of digital assets are treated under the law.
DEFINITION

The definition section was reorganized. 'Central bank digital currency' was removed from the definitions, and 'Cryptocurrency' was added as a new definition referencing existing state law.

REQUIREMENT

A new provision was added stating that digital assets used for payment should not be subject to additional taxes beyond what applies to regular currency transactions, though this does not require businesses to accept digital assets as payment.

TECHNICAL

The bill was renumbered from '25 RS BR 329' to '25 RS HB 701/GA' and the page count was updated from 8 pages to 7 pages, indicating a revision in the legislative process.

Floor votes · House Feb 28, 2025

How they voted

This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history

Actions timeline

Total actions
19
Key actions
7
Committee
6
Mar 24, 2025
Signed into law
signed by Governor (Acts Ch. 50)
lower
Mar 14, 2025
Upper · Passed
enrolled, signed by President of the Senate
upper
Mar 14, 2025
Lower · Passed
enrolled, signed by Speaker of the House
lower
Mar 13, 2025
Lower · Passed
3rd reading, passed 37-0
lower
Mar 11, 2025
Lower · Passed
reported favorably, 1st reading, to Calendar
lower
Mar 6, 2025
Committee
to Banking & Insurance (S)
upper
Mar 4, 2025
Committee
to Committee on Committees (S)
upper
Feb 28, 2025
Lower · Passed
3rd reading, passed 91-0 with Committee Substitute (1)
lower
Feb 26, 2025
Lower · Passed
reported favorably, 1st reading, to Calendar with Committee Substitute (1)
lower
Feb 25, 2025
Committee
to Banking & Insurance (H)
lower
Feb 19, 2025
Committee
to Committee on Committees (H)
lower
Feb 19, 2025
Introduced
introduced in House
lower
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.