Kansas introduces bill on Bitcoin and digital asset reserves

Source: BlockMedia Original Title: Kansas State Introduces Bill on Bitcoin and Digital Asset Reserves Original Link: https://www.blockmedia.co.kr/archives/1035161 A bill has been introduced in Kansas, USA, focusing on establishing reserves for digital assets including Bitcoin. The core of the bill is to create an institutional framework for managing and operating digital assets through the state treasury department.

The Kansas State Senate released ‘Senate Bill No. 352(’. The bill addresses unclaimed property and digital assets, and aims to establish a Bitcoin and Digital Assets Reserve Fund).

Operational Structure

According to the bill, a Bitcoin and Digital Assets Reserve will be established under the state treasury department, with the State Treasurer managing the fund. This reserve may include profits generated from digital asset operations such as airdrops, staking rewards, and interest income. It explicitly states that rewards earned through staking can also be held in digital asset form.

The bill stipulates that expenditures from the digital assets reserve must comply with state budget laws and accounting regulations. All disbursements are to be made based on approved documentation from the State Comptroller. However, funds can only be used if allocated by the legislature.

Additionally, whenever digital assets are deposited, 10% of the amount is to be transferred to the state’s general fund, with the remainder credited to the digital assets reserve. The State Treasurer is prohibited from directly depositing Bitcoin into the general fund.

Legalization of Airdrops and Staking Concepts

This bill is notable for explicitly defining concepts related to digital assets. It defines ‘airdrops’ as the distribution of digital assets to blockchain system participants under broad and non-discretionary conditions. This includes activities directly related to blockchain operations such as digital asset users, mining, validation, staking, and proportional distribution to existing digital asset holders.

Furthermore, the bill provides a basis for managing rewards related to staking, validation, and network operation within the framework of official accounting and reserve systems.

Significance of Institutionalizing Digital Assets at the State Level

This bill is interpreted as an attempt by a U.S. state government to treat Bitcoin and digital assets as official reserves. By explicitly recognizing staking and airdrop rewards as institutional assets beyond mere holdings, it could influence legislative discussions in other states in the future.