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US Bitcoin Regulation: A State-by-State Breakdown

I. Introduction

The world of cryptocurrency is rapidly evolving, and as it does, governments are working to establish regulations to ensure the safety and security of their citizens. In the United States, the landscape of Bitcoin regulation is complex, with different states having their own laws and regulations regarding the use, sale, and distribution of cryptocurrencies. This report aims to provide a comprehensive overview of Bitcoin legislation in the US, breaking it down state-by-state.

II. Alabama

• Alabama Code § 8-1-230: Digital Currency; Definitions; Regulation
  • The state of Alabama defines digital currency, including virtual currencies like Bitcoin, and regulates their use, sale, and distribution.
• Alabama Code § 8-1-240: Digital Currency; Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

III. Alaska

• Alaska Statutes § 44.84.010: Definitions
  • The state of Alaska defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Alaska Statutes § 44.84.020: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

IV. Arizona

• Arizona Revised Statutes § 44-1901: Definitions
  • The state of Arizona defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Arizona Revised Statutes § 44-1902: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

V. Arkansas

• Arkansas Code § 4-30-201: Definitions
  • The state of Arkansas defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Arkansas Code § 4-30-202: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

VI. California

• California Civil Code § 1704: Definitions
  • The state of California defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• California Civil Code § 1705: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

VII. Colorado

• Colorado Revised Statutes § 11-5-101: Definitions
  • The state of Colorado defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Colorado Revised Statutes § 11-5-102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

VIII. Connecticut

• Connecticut General Statutes § 33-1020: Definitions
  • The state of Connecticut defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Connecticut General Statutes § 33-1021: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

IX. Delaware

• Delaware Code Ann. tit. 6, § 3913: Definitions
  • The state of Delaware defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Delaware Code Ann. tit. 6, § 3914: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

X. Florida

• Florida Statutes § 660.302: Definitions
  • The state of Florida defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Florida Statutes § 660.303: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XI. Georgia

• Georgia Code § 11-9-101: Definitions
  • The state of Georgia defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Georgia Code § 11-9-102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XII. Hawaii

• Hawaii Revised Statutes § 482-1: Definitions
  • The state of Hawaii defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Hawaii Revised Statutes § 482-2: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XIII. Idaho

• Idaho Code § 18-7401: Definitions
  • The state of Idaho defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Idaho Code § 18-7402: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XIV. Illinois

• Illinois Revised Statutes § 17-500: Definitions
  • The state of Illinois defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Illinois Revised Statutes § 17-501: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XV. Indiana

• Indiana Code § 24-4.1-101: Definitions
  • The state of Indiana defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Indiana Code § 24-4.1-102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XVI. Iowa

• Iowa Code § 554.102: Definitions
  • The state of Iowa defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Iowa Code § 554.103: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XVII. Kansas

• Kansas Statutes Annotated § 17-14401: Definitions
  • The state of Kansas defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Kansas Statutes Annotated § 17-14402: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XVIII. Kentucky

• Kentucky Revised Statutes § 369.010: Definitions
  • The state of Kentucky defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Kentucky Revised Statutes § 369.011: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XIX. Louisiana

• Louisiana Revised Statutes § 17:1221: Definitions
  • The state of Louisiana defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Louisiana Revised Statutes § 17:1222: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XX. Maine

• Maine Revised Statutes § 35-A:1021: Definitions
  • The state of Maine defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Maine Revised Statutes § 35-A:1022: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XXI. Maryland

• Maryland Code, Commercial Law Article, § 14-101: Definitions
  • The state of Maryland defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Maryland Code, Commercial Law Article, § 14-102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XXII. Massachusetts

• Massachusetts General Laws Ann. ch. 104, § 1: Definitions
  • The state of Massachusetts defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Massachusetts General Laws Ann. ch. 104, § 2: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XXIII. Michigan

• Michigan Compiled Laws § 444.101: Definitions
  • The state of Michigan defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Michigan Compiled Laws § 444.102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XXIV. Minnesota

• Minnesota Statutes § 47.101: Definitions
  • The state of Minnesota defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Minnesota Statutes § 47.102: Exemptions
  • The state exempts certain virtual currencies from regulation, including those used for electronic transactions.

XXV. Mississippi

• Mississippi Code § 75-67-101: Definitions
  • The state of Mississippi defines digital currency, including virtual currencies like Bitcoin, and regulates its use, sale, and distribution.
• Mississippi Code § 75-67-102: Exemptions
  • The state exempts certain digital currencies from regulation, including those used for electronic transactions.

XXVI. Missouri

• Missouri Revised Statutes § 407.101: Definitions
  • The state of Missouri defines virtual currency, including Bitcoin, and regulates its use, sale, and distribution.
• Missouri Revised Statutes § 407.102: Exemptions