Breaking: Louisiana Passes Blockchain Basics Act Upholding Bitcoin Rights π
Louisiana recently passed the βBlockchain Basics Act,’ also known as the ‘Bitcoin Rights’ bill, marking a significant milestone in the state’s stance on digital assets. This legislation, spearheaded by Congressman Mark Wright, aims to provide legal protections for home digital asset miners, safeguard the rights of digital asset users to self-custody, ensure citizens’ freedom to use cryptocurrencies, and prohibit the development of central bank digital currencies (CBDCs). The passing of this bill sets a precedent in the United States for upholding Bitcoin rights and limiting the influence of CBDCs.
Key Highlights of the Blockchain Basics Act
Here are the noteworthy points regarding the recently passed βBlockchain Basics Actβ in Louisiana:
- The state’s ‘Bitcoin rights’ bill, Louisiana House Bill 488, was quietly enacted into law on June 19, under the leadership of Congressman Mark Wright.
- The legislation safeguards the legal rights of home digital asset miners, protects users’ ability to self-custody their digital assets, ensures the freedom to use cryptocurrencies, and prohibits the creation of CBDCs.
- Based on the Satoshi Action Model Policy, the law will officially take effect on August 1, 2024, joining the ranks of similar Bitcoin-centered laws in Oklahoma, Montana, and Arkansas.
The Impact on Federal Policy and Washington’s Response
Louisiana’s proactive stance on Bitcoin rights has implications beyond the state’s borders and could influence federal policy. Congressman Wright believes that the success of HB 488 showcases the role of states as ‘laboratories of democracy’ and emphasizes Bitcoin’s potential to unite Americans, regardless of their political affiliations. Additionally, the passage of this bill sets a blueprint for other states to follow in supporting Bitcoin rights and restricting CBDCs.
Political Reactions and Presidential Candidates’ Stances
The passage of the Blockchain Basics Act has garnered reactions from prominent political figures and highlighted their positions on cryptocurrencies:
- Pro-crypto Senator Cynthia Lummis celebrated the bill’s passage as a testament to states leading the way and encouraged Bitcoin enthusiasts to be patriotic in advocating for their rights.
- The upcoming U.S. Presidential Election in November 2024 has put a spotlight on candidates’ views on cryptocurrencies, with Republican frontrunner expressing concerns about CBDCs and promising to block their development if elected.
- Current President Joe Biden has taken a more regulatory approach towards digital assets and has shown interest in exploring a CBDC, contrasting with the anti-CBDC stance of the Republican nominee.
All Eyes on the White House Amid Louisiana’s Bitcoin Rights Law
As the nation awaits the outcome of the 2024 Presidential Election, Louisiana’s passage of the Blockchain Basics Act has raised awareness about the importance of protecting Bitcoin rights and limiting the influence of CBDCs. The state’s proactive approach to digital asset legislation could set a precedent for other states and potentially impact future federal policies regarding cryptocurrencies.
Hot Take: Louisiana’s Blockchain Basics Act Paves the Way for Bitcoin Rights Nationally π
Louisiana’s recent enactment of the ‘Blockchain Basics Act’ signals a positive step towards recognizing and safeguarding Bitcoin rights while restricting the development of CBDCs. The passage of this legislation sets a precedent for other states to follow suit in supporting digital asset miners, empowering users to self-custody their assets, and preserving the freedom to use cryptocurrencies. As the crypto landscape evolves, Louisiana’s proactive stance on Bitcoin rights could influence federal policies and promote a more crypto-friendly environment nationwide.
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