Louisiana passes pro-Bitcoin, anti-CBDC crypto bill
On June 19, Louisiana quietly enacted House Bill 488, a crypto bill known as the “Blockchain Basics Act” or “Bitcoin Rights” bill.
The legislation, set to take effect on August 1, 2024, marks a significant step in potentially limiting the influence of central bank digital currencies (CBDCs). The Act provides legal protections for home digital asset miners.
The draft also ensures the right to self-custody of digital assets, allows freedom to use Bitcoin as a payment method, and prohibits CBDC creation. Congressman Mark Wright, who spearheaded the bill, told Forbes:
The states are creating a blueprint for federal policy. It won’t be long until we see the impact in Washington. The success of HB 488 highlights the power of states as ‘laboratories of democracy’ and demonstrates bitcoin’s potential to unify Americans regardless of their political perspectives
Louisiana joins Oklahoma, Montana, and Arkansas in recently passing Bitcoin-centered legislation. The bill is based on the Satoshi Action Model Policy, as noted by Dennis Porter, co-founder and CEO of the Satoshi Action Fund.
MASSIVE BREAKING: Bill to defend ‘#Bitcoin Rights’ and ban CBDCs passes into law.
Satoshi Action Passes 4th law to defend #Bitcoin Rights in the USA.
Louisiana joins Oklahoma, Montana, & Arkansas in setting pro-#Bitcoin policy blue print for the nation. pic.twitter.com/8NGaMtcW1U
— Dennis Porter (@Dennis_Porter_) June 24, 2024
Louisiana’s appreciated crypto bill
The passage of this bill has drawn attention from national political figures. Senator Cynthia Lummis (R-WY) expressed support on social media. She wrote in an X post:
Wow. Congrats!
States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN.
Washington is a mess but America is awesome.
As the 2024 U.S. Presidential Election approaches, candidates’ stances on cryptocurrencies are gaining prominence. Donald Trump, the presumptive Republican nominee, has spoken against CBDCs and taken pro-crypto positions.
Incumbent President Joe Biden has generally favored regulation of digital assets and has considered establishing a CBDC. Still, as the presidential race started heating up, Biden started making concessions to the crypto crowd.
At the end of May, Biden’s campaign begun seeking input from the the cryptocurrency industry, a significant departure from when Biden proposed imposing a 30% tax on crypto mining power. Mid-June reports also suggest that he is considering accepting crypto donations via Coinbase Commerce for the 2024 election.
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