Connecticut | Crypto

Connecticut halts Bitcoin Depot’s operations, with the company expecting lower revenue in 2026 amid mounting regulatory pressure and a steep decline in its stock price. Bitcoin Depot, a publicly traded cryptocurrency ATM provider, is facing mounting regulatory pressure in the US amid a steep stock decline and a weak revenue outlook. The Connecticut Banking Commissioner, through the Consumer Credit Division, issued a temporary cease-and-desist order against Bitcoin Depot on March 9, summarily suspending its money transmission license in the state. The order cites multiple alleged violations of the Connecticut Money Transmission Act, including failure to maintain minimum net worth, excessive fees and incomplete refunds to consumers who fell victim to scams. Read more

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