Louisiana has just passed a groundbreaking bill known as the “Blockchain Basics Act,” which has been dubbed the “Bitcoin Rights” bill. This new legislation could have significant implications for the future of cryptocurrencies in the state. The bill, officially named Louisiana House Bill 488, was quietly signed into law on June 19, 2024.
The bill, spearheaded by Congressman Mark Wright, aims to protect the rights of home digital asset miners, ensure the self-custody of digital asset users, solidify citizens’ right to use Bitcoin as a form of payment, and prohibit the creation of central bank digital currencies (CBDCs). This move aligns with the model policy outlined by the Satoshi Action Fund and is set to take effect on August 1, 2024.
Louisiana has now joined other states like Oklahoma, Montana, and Arkansas in enacting Bitcoin-focused legislation, setting the stage for potential federal policy changes. Congressman Wright believes that the success of the “Blockchain Basics Act” demonstrates the power of states as “laboratories of democracy” and showcases Bitcoin’s ability to unite Americans across various political spectrums.
The passing of this bill has garnered support from pro-crypto Senator Cynthia Lummis, who sees it as a positive step in asserting citizens’ rights. This comes at a time when politicians are increasingly expressing their views on cryptocurrencies leading up to the U.S. Presidential Election in November 2024.
While Republican frontrunner Donald Trump has been vocal about his opposition to CBDCs, current President Joe Biden has taken a more pro-regulatory stance and has hinted at the possibility of establishing a CBDC. Recent data shows that Louisiana has a significant disapproval rating of Biden, potentially paving the way for Trump’s more Bitcoin-friendly policies at the national level if he gets elected.
The passing of the “Blockchain Basics Act” in Louisiana has set the stage for potential shifts in cryptocurrency policies, with all eyes now on the White House as the debate around Bitcoin rights and regulations continues.
