Louisiana has approved a groundbreaking “Bitcoin Rights” bill that could have significant implications for the future of cryptocurrencies in the state. The bill, known as the “Blockchain Basics Act,” represents a tangible step towards limiting the influence of central bank digital currencies (CBDCs).
The bill, officially named Louisiana House Bill 488, was quietly passed into law on June 19. It was championed by Congressman Mark Wright and aims to protect digital asset miners, ensure the right to self-custody of digital assets, establish citizens’ right to use Bitcoin as a payment method, and prohibit the creation of CBDCs. Based on the Satoshi Action Model Policy, the new law will officially take effect on August 1, 2024.
Louisiana now joins other states like Oklahoma, Montana, and Arkansas in enacting Bitcoin-centered legislation. Congressman Wright believes that the success of the bill demonstrates the potential of Bitcoin to unite Americans regardless of their political beliefs, highlighting the influence of states as “laboratories of democracy.”
The passage of the bill has gained significant attention, especially from prominent figures like Senator Cynthia Lummis, who expressed her excitement and support for it. Lummis emphasized the importance of states leading the way and encouraged Bitcoiners to be patriotic in fighting for their rights.
The bill’s approval comes at a time when politicians’ stance on cryptocurrencies is under increasing scrutiny ahead of the U.S. Presidential Election in November 2024. The leading Republican candidate, Donald Trump, has previously voiced opposition to CBDCs, while current President Joe Biden has shown a more pro-regulatory stance and even considered the establishment of a CBDC. Recent data suggests that Louisiana has a high disapproval rating of Biden, while Trump is leading in the polls.
The potential election of Trump may signal more Bitcoin-friendly policies at the national level, further emphasizing the impact and importance of the “Blockchain Basics Act” in Louisiana.