A rising divide is rising amongst US states over methods to strategy digital property, with some jurisdictions warming as much as Bitcoin and blockchain innovation, whereas others are slamming the brakes.
This has change into significantly evident in how Connecticut and Louisiana provide contrasting responses to the evolving crypto economic system via latest legislative efforts.
No Bitcoin reserve for Connecticut
Connecticut lawmakers launched a sweeping new measure stopping the state from holding or utilizing digital currencies.
The invoice, often known as HB7082, acquired unanimous approval from each legislative chambers on June 10 and can take impact by October.
The brand new legislation bars state companies from investing in or transacting with any digital forex, together with Bitcoin. It additionally prohibits utilizing crypto for funds to the state and prevents public entities from requiring cost in digital property.
In accordance with the invoice:
“Neither the state nor any political subdivision of the state shall (1) settle for or require cost within the type of digital forex for an quantity because of the state or the political subdivision, or (2) buy, maintain, spend money on or set up a reserve of digital forex.”
In the meantime, along with banning crypto in authorities operations, the Connecticut legislation additionally imposes new compliance guidelines on cash transmitters and crypto service suppliers working within the state.
These companies will now face extra stringent licensing necessities and necessary threat disclosures. Corporations should show seen warnings to customers, cautioning them that crypto transactions are irreversible and losses from scams or errors is probably not recoverable.
The laws consists of added shopper protections, similar to age verification for customers below 18 and necessary transparency round transaction phrases.
Louisiana explores crypto
Whereas Connecticut strikes to limit crypto, Louisiana is leaning into the way forward for digital applied sciences.
On June 10, the state’s Home of Representatives handed a decision establishing a job power to check blockchain know-how and synthetic intelligence.
The lawmakers acknowledged that just about 20% of Individuals now maintain crypto, highlighting the necessity to perceive its alternatives and dangers.
Contemplating this, the newly shaped committee will discover potential functions of blockchain and AI and the regulatory frameworks required to handle their development.
Louisiana’s job power will host public hearings to gather insights from trade specialists, companies, and native communities as a part of its mandate.
The group will ship its findings and coverage suggestions to the state legislature by February 2026.
