The Satoshi Action Fund: Bitcoin presented as a fundamental right

The Satoshi Action Fund: Bitcoin presented as a fundamental right
The Satoshi Action Fund: Bitcoin presented as a fundamental right

Bitcoin and American law. In recent years, regulations regarding Bitcoin and cryptocurrencies as a whole have been tumultuous. In the United States, the ongoing attacks from the SEC led to the departure of several companies. On the European side, laws such as MiCa regulates every aspect of cryptocurrencies, creating frameworks that are certainly restricted, but visibility for businesses. Thus, several companies initially based in the US have set sail for Europe. However, some US states are in the process of enshrining fundamental rights for Bitcoin in their laws, which could lead to the return of major companies, as is the case with Circle.

Right to Mine: the Satoshi Action Fund initiative

The Satoshi Action Fund (SAF) is an organization which aims to aim of defending Bitcoin in the broad sense.

Faced with the growing threat from States, particularly in the case of the USA, the SAF has developed a text of law entitled “Right to Mine”. This text proposes two major provisions to regulate the right to mine in the USA and ensure that the government cannot put a spoke in the wheels of this growing industry.

Firstly, it prohibits localities from implementing zoning and noise restrictions, which could limit the operation and installation of mining operations. Indeed, the latter can be noisy and this nuisance could be used as an excuse to prohibit the creation of new infrastructure.

On the other hand, this text prevents regulators from setting electricity rates and enforcing limits on consumptionbased on the capacities of the electricity network.

A fundamental right for Bitcoin

Since its creation, the Satoshi Action Fund has already enabled the protection of mining activity in several American states.

Thus, theArkansasTHE MontanaTHE MissouriTHE Mississippithere Louisiana and the Virginia passed laws similar to the Right to Mine text. This allows to protect mining companies from interference from government and regulators.

In some states, it goes even further. For example, the Montana banned adding additional taxes on the use of Bitcoin as a means of payment.

This is a maneuver that reflects the philosophy of the United States. Indeed, this helps ensure individual freedoms and rights and avoids government interference on these subjects.

This subject is all the more topical as regulations have just experienced a major turning point in the United States. In fact, the House of Representatives recently voted in favor of the FIT 21 bill. This text is major, because it establishes a clear regulatory regime. It would also establish the CFTC as the main regulator of cryptocurrencies that do not fall within the scope of securities, fining the SEC.

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