Tech
Louisiana Passes Pro-Bitcoin, Anti-CBDC Cryptocurrency Law
On June 19, Louisiana quietly enacted House Bill 488, a cryptocurrency law known as the “Blockchain Basics Act” or “Bitcoin Rights.”
The legislation, which comes into force on August 1, 2024, marks a significant step in potentially limiting the influence of central bank digital currencies (CBDCs). The law provides legal protections for domestic digital asset miners.
The draft also guarantees the right to self-custody of digital assets, allows the freedom to use Bitcoin as a payment method, and prohibits the creation of CBDCs. Congressman Mark Wright, who spearheaded the bill, he told Forbes:
States are creating a blueprint for federal policy. It won’t be long before 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 outlook
Louisiana joins Oklahoma, Montana, and Arkansas in recently passing Bitcoin-focused legislation. The bill is based on Satoshi’s action model policy, such as noted by Dennis Porterco-founder and CEO of Satoshi Action Fund.
MASSIVE BREAKING: bill to defend’#Bitcoin CBDC rights and prohibitions become law.
🚨Satoshi Action approves the 4th defense law #Bitcoin Rights in the USA.🚨
Louisiana Joins Oklahoma, Montana, Arkansas in Establishing Programs#Bitcoin political project for the nation. 🇺🇸 pic.twitter.com/8NGaMtcW1U
—Dennis Porter (@Dennis_Porter_) June 24, 2024
Louisiana’s esteemed crypto bill
The approval of this bill attracted the attention of national politicians. Senator Cynthia Lummis (R-WY) expressed support on social media. He wrote in a post on X:
Oh. Congratulations!
States on the front line. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN.
Washington is a mess but America is great.
As the 2024 US presidential election approaches, candidates’ positions on cryptocurrencies are gaining prominence. Donald Trump, the presumptive Republican nominee, has spoken out against CBDCs and took a stance in favor of cryptocurrencies.
Incumbent President Joe Biden is generally supportive of digital asset regulation and has considered creating a CBDC. However, as the presidential race heats up, Biden has begun to make concessions to the cryptocurrency crowd.
At the end of May, Biden’s campaign has begun seeking input from the cryptocurrency industrya significant departure from when Biden proposed impose a 30% tax on cryptocurrency mining power. Reports from mid-June also suggest that he is considering accepting cryptocurrency donations via Coinbase Commerce for the 2024 elections.