Kentucky enacts law supporting self-custody of cryptocurrencies
HB 701 bill, titled 'An Act relating to blockchain digital assets,' aims to foster a crypto-friendly environment in Kentucky.
Kentucky’s governor signed HB 701 into law, establishing protections for cryptocurrency use within the state.
The law guarantees individuals the right to hold and manage their crypto in self-hosted wallets.
Kentucky Governor Andy Beshear signed House Bill 701 (HB 701) into law on Monday, establishing protections for bitcoin and cryptocurrency use within the state.
The legislation received unanimous bipartisan support in both chambers of the Kentucky legislature, passing the House 91-0 on Feb. 28 and the Senate 37-0 on Mar. 13 before landing on the governor’s desk for final approval.
HB 701, titled "An Act relating to blockchain digital assets," introduces several key provisions to foster a crypto-friendly environment in Kentucky.
On Tuesday, Napster was acquired by 3D technology company Infinite Reality for $207 million. Infinite Reality CEO John Acunto told CNBC in an interview that the one-time file-sharing phenomenon will be used for marketing in the metaverse.
Infinite Reality plans to create virtual 3D spaces that allow music fans to enjoy concerts or listening parties together, and let musicians or labels sell physical and virtual merchandise.
"When we think about clients who have audiences — influencers, creators — I think it's very important that they have a connected space that's around music and musical communities," Acunto said. "We just don't see anybody in the streaming space creating spaces for music."