Louisiana has passed a new bill that could change the future of Bitcoin in the state. And it likely will.
Yes to Bitcoin, no to CBDC
On June 19, Louisiana’s House Bill 488, aka the ‘Bitcoin Rights‘ bill, or ’Blockchain Basics Act’, quietly became law, after it was led by Congressman Mark Wright.
It wants to protect digital asset miners at home, ensure the right to self-custody for digital asset users, allow Bitcoin as a means of payment, and ban the creation of central bank digital currencies, the infamous surveillance currencies, the CBDCs.
This law, based on the Satoshi Action Model Policy, will take effect this summer, on August 1.
More and more Bitcoin laws
With this move, Louisiana joins states like Oklahoma, Montana, and Arkansas in passing Bitcoin-focused laws.
Wright told Forbes that states are setting the stage for federal policies and that this success shows how states can act as laboratories of democracy, showcasing Bitcoin’s ability to unite Americans across political lines.
Bitcoin is freedom money, and America loves freedom
After the bill’s passage, pro-Bitcoin Senator Cynthia Lummis expressed her support on social media.
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.🇺🇸 https://t.co/ydNSjcvmVk
— Cynthia Lummis 🦬 (@CynthiaMLummis) June 24, 2024
“States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN.”
Lummis’ support for the Blockchain Basics Act comes as the political spotlight on cryptocurrencies grows, especially with the U.S. Presidential Election coming in November 2024.
Both candidate doubled down on their stance toward Bitcoin, making the topic high priority, and based ont he rumors, Trump may speak a Bitcoin conference in the summer.
This rising interest shows the importance of this bill, and the similar ones in other states, and the most imporant part, its potential effects for federal policy on cryptocurrencies.
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