Connecticut has taken a firm stance against government involvement in digital assets like Bitcoin.
On June 30th, Gov. Ned Lamont signed a new bill to a law prohibiting national institutions, including Bitcoin, from investing in encryption.
The law, known as House Bill 7082, prevents state entities from accepting these assets as payments for financial obligations owed to the state.
Meanwhile, the bill not only closes future crypto reserve doors, but also outlines strict rules for crypto companies operating in the state.
Under the new regulations, businesses involved in the transmission of cryptocurrency must clearly disclose all the important risks associated with the service. This states:
“Cryptocurrency transactions are irreversible and are used by people who attempt to scam customers, including, but not limited to, those who pose as their clients’ loved ones and threaten their time in prison.
State that the customer’s identity has been stolen and claim that the customer withdraws money from the customer’s bank account and buys cryptocurrency or claims the customer’s personal computer
Hacked. ”
According to lawmakers, the move aims to protect consumers from the volatility and complexity that are often associated with digital assets.
This represents one of the most drastic bans on the adoption of digital assets by US state governments to date. In particular, the law passed unanimously the Connecticut General Assembly in early June.
Other US states accept Bitcoin reserves
Connecticut has enacted restrictions, while other states are heading in the opposite direction.
The Texas governor recently signed the law on Senate Bill 21, allowing the state to use public funds to create and fund Bitcoin reserves.
This has led Texas to introduce similar measures in parallel with Arizona and New Hampshire to add digital assets to the state’s Treasury Department.
These contrasting approaches between states underscore the growing disparity in how they view the role of digital assets in public finance. Some view Bitcoin as a hedging and diversifying tool, while others view it as too unstable for taxpayer-backed investments.
Nevertheless, the push for state-controlled crypto reserves has gained momentum across the US. According to data from Bitcoin law, 48 bills related to Bitcoin reserves are currently under consideration in various states, with eight already approved the initiative.