Connecticut has passed a bill prohibiting direct investment in Bitcoin (BTC) and virtual assets, marking a new turning point in cryptocurrency regulation in the United States. The HB7082 bill, recently passed unanimously by the state senate and house, completely bans state and local governments from acquiring, holding, or investing in all virtual assets, including Bitcoin. The official name of the bill is the 'Regulation Act on Virtual Currency and State Investment'.
Beyond simply prohibiting government cryptocurrency holdings, the bill significantly strengthened regulatory provisions for businesses dealing with virtual assets in Connecticut. Specifically, if minors under 18 use related payment apps, parental consent must be confirmed as part of security procedures. Additionally, virtual asset service providers are obligated to comply with strengthened anti-money laundering (AML) regulations.
This decision draws attention as it moves in the opposite direction of recent movements in many U.S. states to introduce a 'Strategic Bitcoin Reserve (SBR)'. Particularly, with former President Trump promising SBR introduction in the next administration, states like Texas and Louisiana have already proposed or adopted related bills in response.
Louisiana also announced plans last week to form a special committee to analyze the impact of artificial intelligence (AI), blockchain, and cryptocurrencies. They stated that "one in five Americans owns cryptocurrency" and emphasized the need to seriously consider both the benefits and challenges of related technologies.
Connecticut's measure is evaluated as pouring cold water on this nationwide trend and could significantly impact the balance of cryptocurrency policies between federal and state governments. The differences in stance on Bitcoin and virtual assets in the U.S. continue to promise fierce policy debates.
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