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Senator Cynthia Lummis Celebrates Passage of Pro-Bitcoin Bill in Louisiana, Advocates States’ Rights in Crypto

Last Updated June 25, 2024 9:30 AM
Teuta Franjkovic
Last Updated June 25, 2024 9:30 AM

Key Takeaways

  • Louisiana strengthens crypto industry support by enacting legislation to protect self-custody and Bitcoin transactions.
  • The new law prohibits state use of Central Bank Digital Currencies, protecting privacy and resisting government control.
  • This legislation mirrors similar measures in other states, reflecting the growing acceptance of digital assets across the US.

Senator Cynthia Lummis (R-Wyo.) celebrated  the passage of a pro-Bitcoin bill, highlighting the significance of states’ rights in the cryptocurrency arena.

On Monday, Senator Lummis praised the enactment of legislation in Louisiana that protects Bitcoin rights and prohibits Central Bank Digital Currencies.

Lummis Celebrates Pro-Bitcoin Legislation, Calls for Patriotic Support from Crypto Users

Lummis expressed her excitement  in a post on X, stating, “States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN.”

The landmark legislation solidifies several key rights  for cryptocurrency users: the right to self-custody cryptocurrencies, the freedom to use and accept Bitcoin in transactions, and backing for Bitcoin mining operations in industrial zones. Additionally, the law restricts the use of digital currencies such as Central Bank Digital Currencies (CBDCs) for transactions.

Louisiana has become the second state to enshrine Bitcoin rights into law, following the passage of a landmark pro-Bitcoin bill aimed at protecting access to Bitcoin and curbing the use of Central Bank Digital Currencies (CBDCs).

Governor Jeff Landry signed House Bill 488  into law after it received bipartisan support from both the House and Senate. Championed by Representative Mark Wright and backed by Senator Jean-Paul Coussan, the legislation ensures continued access to Bitcoin while imposing restrictions on CBDCs.

Key Features of HB 488

The recently passed legislation incorporates several critical safeguards for Bitcoin holders and miners:

  • Self-Custody Rights: This aspect of the law guarantees that individuals can securely manage their own digital assets, enhancing both financial security and sovereignty.
  • Freedom of Transactions: The legislation ensures the right to conduct transactions using Bitcoin, enabling both individuals and businesses to freely spend and accept Bitcoin without facing legal hurdles.
  • Encouragement for Bitcoin Mining: By supporting Bitcoin mining in designated industrial zones, this measure aims to stimulate Louisiana’s economy through the attraction of new businesses and investments.
  • Ban on CBDCs: The law prohibits the Louisiana government from accepting payments in Central Bank Digital Currencies, aiming to preserve privacy and resist government-controlled digital currencies.

Louisiana Boosts BTC Mining and Blockchain Innovation with New Law

This legislation is poised to boost Louisiana’s mining industry by providing legal clarity and stability. As a leading state in energy production, Louisiana is well-positioned to attract Bitcoin mining investments, which will promote innovation and open new economic opportunities.

Representative Mark Wright, a key sponsor of this legislation, has been active in the legislature for over six years, authoring several bills to position Louisiana at the forefront of blockchain technology  and digital assets. He emphasizes the importance of creating a welcoming economic environment for innovation and investment.

Wright also highlighted the need for legal clarity and protection, noting that the law recognizes and protects digital assets, including the self-custody or storage of such assets. He believes that the impending shifts from blockchain technology will impact all societal aspects, and that regulatory clarity in Louisiana will facilitate investment, job creation, and economic freedom.

Louisiana’s HB 488  reflects a national movement spearheaded by the Satoshi Action Fund. This year, similar legislation was enacted in Oklahoma, and states such as Georgia, Mississippi, Kentucky, South Carolina, and 11 others have proposed comparable measures. This shows a nationwide effort to safeguard Bitcoin rights.

Dennis Porter, CEO of the Satoshi Action Fund, discussed  the importance of these state-level initiatives, noting that they serve as a model for federal policy. He anticipates significant implications for Washington soon. Porter highlighted the success of HB 488 as an example of how states can serve as “laboratories of democracy,” illustrating Bitcoin’s capacity to bring together Americans across diverse political landscapes.]

HB 488 Passes in Louisiana – Major Win for BTC Mining and Crypto Rights

The bill strongly endorses Bitcoin mining, and given Louisiana’s prominent role in energy production, the state is well-suited for such enterprises. The legislation establishes a legal framework that protects mining operations from restrictive regulations that could impede their expansion. HB 488 received broad support  from various political groups within Louisiana, indicating a rising acknowledgment of the significance of digital assets and the necessity to safeguard the rights of those involved with them. Lawmakers highlighted the bill’s contribution to fostering innovation and stimulating economic growth within the state.

Senator Cynthia Lummis, a prominent advocate for cryptocurrency and Bitcoin, played a key role in a bipartisan effort to overturn a Securities and Exchange Commission (SEC) policy perceived as obstructive to crypto adoption.

Earlier in the year, Senators Lummis and Kirsten Gillibrand (D-N.Y.) introduced legislation concerning stablecoins, designed to regulate the operation of these digital tokens within the US financial system. Lummis highlighted that the bill responds to “the growing demand for our ever-evolving financial industry” and supports the continued dominance of the US dollar in the global financial system.

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