Bitcoin Access is Safeguarded by a New Bill In the State of Louisiana
On Monday, Dennis Porter, the Chief Executive Officer (CEO) and co-founder of the Satoshi Action Fund, shared an update on the X platform (formerly Twitter). This House Bill 488 maintains the state’s residents’ unrestricted ownership and use of Bitcoin, thereby establishing it as a champion of personal and financial liberty.
The Louisiana Legislature’s ratification of this Act distinguishes the state from the broader federal trend of further regulating the cryptocurrency industry. It underscores the state’s dedication to fostering a favorable digital assets and cryptocurrency environment.
The legislation that legalizes Bitcoin in the United States, which includes numerous safeguards for the cryptocurrency, is sponsored by Representative Mark Wright of Louisiana and Senator Jean-Paul Coussan of Louisiana. The bill ensures that residents can safely store their assets in wallets and enhance their financial autonomy and flexibility by allowing Bitcoin transactions without additional legislation.
In addition, the law explicitly prohibits the issuance or utilization of CBDCs within the state due to concerns regarding political control, privacy, and financial freedom. It is a sign of the increasing uncertainty surrounding CBDCs, which critics fear could lead to unprecedented surveillance and centralized control over financial operations.
Louisiana is advocating for decentralized assets such as Bitcoin and demonstrating its support for a less regulated and more transparent financial system by its posture against CBDCs.
It is important to mention that numerous other states and federal agencies are still exploring the potential of implementing CBDCs, which have the potential to alter the financial landscape in the United States significantly. Nevertheless, the concept may encounter a setback due to stringent laws, which could provide a more favorable financial environment.
A More Comprehensive Inception of the Act
Louisiana is the most recent state in the United States to adopt the pro-Bitcoin bill this year. Oklahoma, Montana, and Arkansas are among the other nations that have implemented this measure.
Governor Kevin Stitt led the state of Oklahoma in passing the measure into law last month. The bill is anticipated to take effect on November 1, 2024. The proposal, endorsed by Senator Coleman and Representative Samuel Brian Hill, establishes critical protections for digital asset owners, including Bitcoin.
Oklahoma will be able to defend the right to self-custody, the right to spend BTC and digital assets, the right to operate a node, and the right to mine BTC with the help of this act, according to Dennis Portal.
Additionally, the requirement to acquire a money transmitter license for miners and digital asset validators to operate will be eliminated, and the imposition of additional taxes on BTC and other digital assets used for payments will be prohibited. The ability to mine BTC from home will be safeguarded.