Many provisions of the legislation, which received overwhelming support in the state House and Senate, take effect on Oct. 1. Connecticut Governor Ned Lamont has signed a bill into law restricting the use of digital assets in state government, including the establishment of a cryptocurrency reserve. On Monday, Lamont signed Connecticut House Bill 7082, which was previously approved by the US state’s House of Representatives and Senate. The legislation specifically prohibits the state government from “accepting or requiring payment in the form of virtual currency” or “purchasing, holding, investing in or establishing” a crypto reserve. The bill, introduced in February by state Representative Jason Doucette, also establishes requirements for crypto money transmission licensees in Connecticut. The provisions barring the state government from accepting crypto or establishing a digital asset reserve take effect on Oct. 1. Read more
Connecticut has joined the growing number of US states rejecting the notion of a state Bitcoin reserve, prohibiting government entities from making crypto investments and payments. Connecticut lawmakers unanimously passed a bill prohibiting state and local government divisions from accepting cryptocurrency payments and holding crypto assets. The House Bill 7082, titled “An Act Concerning Various Revisions to the Money Transmission Statutes, State Payments and Investments in Virtual Currency [...],” received bipartisan support and was signed into law on Tuesday. The bill document stipulates that “neither the state nor any political subdivision of the state” shall accept payments in cryptocurrency or purchase crypto assets. Read more