Significant Blockchain Basics Act Passes Into Louisiana Law
Louisiana House Bill 488, better known as the state’s ‘Bitcoin Rights’ bill, was quietly passed into law on June 19. Spearheaded by Congressman Mark Wright, The ‘Blockchain Basics Act’ will uphold legal protections for home digital asset miners, protect digital asset users’ right to self-custody, cement citizens’ rights to use Bitcoin as a means of payment, and ban the creation of CBDCs.
Based on the Satoshi Action Model Policy, Louisiana’s latest crypto law will formally go into effect on August 1, 2024. Louisiana joins Oklahoma, Montana, and Arkansas in passing recent Bitcoin-centered legislation.
“The states are creating a blueprint for federal policy. It won’t be long until we see the impact in Washington” , Wright told Forbes, who was the first to break the news. “The success of HB 488 highlights the power of states as ‘laboratories of democracy’ and demonstrates Bitcoin’s potential to unify Americans regardless of their political perspectives”.
All Eyes On The White House As Bitcoin Rights Bills Garner Support
Following the news of the bill’s passage, pro-crypto Senator Cynthia Lummis (R-WY) took to X to express her excitement.
“States leading the way. This is why Bitcoiners should be American patriots”, Lummis stated in a June 24 X post. “You can fight for your rights and WIN”.
Lummis’ support of the Blockchain Basics Act comes amid a growing spotlight on politicians’ stance on cryptocurrencies in the lead-up to the U.S. Presidential Election in November 2024.
Republican frontrunner Donald Trump has previously spoken out against CBDCs, calling them “very dangerous.”
“As your president, I will never allow the creation of a central bank digital currency”, the presumptive Republican nominee said at a rally this past January. Meanwhile, current U.S. President Joe Biden has largely taken a pro-regulatory stance towards digital assets and has toyed with the idea of establishing a CBDC.
Despite the two political rivals being virtually tied in official polls, recent data shows Louisiana has an estimated 57% disapproval rating of Biden. Meanwhile, the latest Louisiana polling displayed by political election site 538 shows Trump leading Biden by 15%.
If Trump gets elected, it may signal more Bitcoin-friendly policies at the national level.
