Well, well, well! Connecticut has decided to play the role of the strict parent, slamming the door on government cryptocurrency involvement with a resounding “nope!” They’ve just passed House Bill 7082, now officially known as Public Act No. 25-66. 🎉
This isn’t just a little nudge; it’s the most expansive state-level prohibition on crypto-related government activity in the entire country. Talk about making a statement! 💥
Connecticut Shuts Door on State-Backed Crypto Projects
So, what does this mean for our beloved state and municipal bodies? Well, they can no longer establish cryptocurrency reserves or accept digital assets as payment for taxes, fees, or any financial obligations. In other words, if you were hoping to pay your taxes in Bitcoin, you might as well start looking for a second job! 💸
But wait, there’s more! The law also comes with a side of consumer protections for those brave enough to dabble in virtual currency. Companies involved in money transmission must now display warnings that transactions are irreversible. Yes, you read that right—once you hit send, it’s gone forever! 😱
And if you’re under 18? Well, you’ll need to verify your identity before you can even think about joining the crypto party. Sorry, kids! 🎈
This legislation also shakes up the state’s financial oversight laws and introduces new definitions for all those fancy digital finance terms like digital wallets and kiosks. Plus, crypto businesses licensed in Connecticut will have to step up their compliance game to meet the new state standards. Because who doesn’t love a little extra paperwork? 📄
Now, while Connecticut is busy shutting the door, other states are throwing open the windows! A whopping 31 states are currently considering Bitcoin reserve bills, with 16 making some progress. Meanwhile, Connecticut is over here with its “no thanks” attitude, making its restrictions look like a fortress. 🏰
First in the Nation
Meanwhile, New Hampshire is strutting its stuff as the first US state to establish a strategic Bitcoin reserve. Last month, Governor Kelly Ayotte signed House Bill 302 into law, allowing the state treasury to invest up to 5% of its funds in Bitcoin and other digital assets. Talk about a bold move! 💪
This law, inspired by Satoshi Action’s policy framework, aims to diversify reserves while keeping things fiscally responsible. Because who doesn’t want to be responsible while playing with digital money? 😏
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2025-06-11 21:58