While positive news about Bitcoin and cryptocurrencies came from US states one after another, news of a ban came from one state.
Accordingly, a bill banning cryptocurrencies in the US state of Connecticut has become law.
Connecticut Governor Ned Lamont has officially signed into law HB 7082, a bill that prohibits the state from accepting, holding, or investing in cryptocurrencies like Bitcoin.
HB 7082 prohibits the state from accepting, investing in, or holding any cryptocurrency.
This new law marks a significant step forward in the state’s approach to digital currencies, effectively banning Bitcoin reserves.
“Neither the state nor any political subdivision of the state may accept or solicit payment in the form of cryptocurrency or purchase, hold, invest in, or establish a reserve of cryptocurrency,” HB 7082 states.
While some industry experts say the bill is crucial for addressing the risks of cryptocurrencies, others say it stifles innovation in the state and country.
Connecticut’s move sets it apart from other US states such as Texas, Arizona, and New Hampshire and highlights the state-level divide in crypto policy.
In May, New Hampshire became the first state to enact the “Strategic Bitcoin Reserve” (SBR) model by passing the first law allowing digital assets to be used at the state treasury level.
Apart from New Hampshire, Texas and Arizona have also taken important steps in Bitcoin and digital asset reserves.
*This is not investment advice.
