JEFFERSON CITY, Mo. – On Thursday, Missouri State Representative Phil Christofanelli (R-St. Charles) filed legislation to protect investors, entrepreneurs, and consumers in Missouri involved in the emerging cryptocurrency industry.
House Bill 2672 exempts cryptocurrencies from property taxes and securities regulation, defines digital assets in Missouri’s Uniform Commercial Code, and exempts the sale or use of cryptocurrency from money transmitter licensing requirements.
Rep. Christofanelli said, “My goal is to ensure Missouri is open to innovation and opportunity as Bitcoin, other cryptocurrencies, and blockchain applications come to the market. This industry has great potential to enhance Missouri’s push to create greater economic and political freedom and I hope to advance this legislation and further proposals over the next few years.”
Navy veteran and Fourth Congressional District candidate Taylor Burks said, “The growing adoption of Bitcoin and other cryptocurrencies allows us to force Congress to account for its reckless fiscal policies. Rep. Christofanelli’s leadership in Missouri will put our state at the forefront of returning America to a sound monetary policy, and serve as an example for what we should do in Congress.”
Jeff Wade of Crypto World in St. Charles, Mo., said “This proposal is a first step to protecting the interests of entrepreneurs and consumers in the emerging fields of cryptocurrency and financial technology. By enacting House Bill 2672, Missouri can stem the flow of innovation to other states and countries that have attractive legal and tax frameworks for this emerging industry.”
Rep. Phil Christofanelli is a Republican who represents parts of the city of Saint Peters and Saint Charles County in the Missouri House of Representatives.