Kentucky Passes Bitcoin and Ethereum Self-Custody Law

KentuckyGov.AndyBeashearyesterdaysignedHouseBill701,whichoffersgreaterprotectionsforuserswhoself-custodytheirBitcoinandcryptocurrency. Toself-custodyBitcoinoranothercryptocurrencymeansthatauserhasfullcontrolovertheprivatekeyneededtoauthorizetransactions.It’smorelikehavingcashinawalletthanusingadebitcardtoauthorizeyourbanktosendsomeonemoney. Userswhopreferthatfreedomalsocarrysoleresponsibilityforprotectingtheirholdings.AmaninWaleshasspent12yearstryingtogetpermissiontoexcavatealandfilltoretrieveaharddrivecontaining8,000Bitcoinworth$696millionattoday’sprice. Butifthat’stheriskusersarewillingtotake,thestateofKentuckywantstoprotecttheirrights. Crucially,thenewlawreceivedunanimoussupportat91-0intheHouseduringavoteonFeb.28andagainintheSenateonMarch13with37-0,beforebeingapprovedbythegovernor. Thisnewlawwillguaranteetherightsofindividualstoholdandmanagecryptocurrenciesintheirself-hostedwallets.ThisshouldmeanthoseinKentuckyc