Going in opposition to the latest development of state governments within the U.S. pursuing cryptocurrency investments, the Connecticut Basic Meeting has thrown down a ban in opposition to that New England state following go well with, at the same time as others pursue digital property reserves of their fiscal methods.
In line with unanimous decisions in both its House and Senate, Connecticut handed a bill this week that blocks any half of the state’s authorities from a capability to “buy, maintain, spend money on or set up a reserve of digital forex,” and it additionally prohibits accepting crypto funds. This runs counter to efforts in states corresponding to New Hampshire and Texas, that are transferring towards establishing reserves that echo the intent of President Donald Trump’s administration on the federal stage.
The lawmakers in Connecticut, which ranks in the middle of the pack amongst state economies, additionally tightened guidelines for crypto corporations working underneath the state’s money-transmitter license.
After Trump issued an order to his administration in March to ascertain a reserve of bitcoin
, a protracted checklist of states jumped towards related actions, although many of them have been stymied by opposition or expiring legislative home windows. New Hampshire was the primary to cross the end line. Texas has a similar bill awaiting a signature from Governor Greg Abbott, and Arizona additionally authorised a extra modest strategy to setting apart unclaimed digital property in a reserve.
“As legislative periods wrap up throughout the nation, we’re proud of the unbelievable momentum behind pro-Bitcoin and digital asset laws,” mentioned Dennis Porter, the founder of the Satoshi Motion Fund that is been advocating for state lawmakers to ascertain reserves. “Sadly, Connecticut has chosen to reject this chance—for now. However we stay optimistic. As extra states embrace Bitcoin and see the advantages firsthand, we’re assured Connecticut will observe go well with.”
Porter mentioned North Carolina and Ohio are each nonetheless a chance for reserves this yr.
The federal authorities hasn’t but moved property right into a reserve. The related companies, led by the Division of the Treasury, have been searching for to account for all of the digital property held in numerous corners of the general public sector. As soon as full, Trump had directed all present crypto be put aside as a long-term funding however that no taxpayer cash be spent to accumulate something greater than the federal government has seized in civil and felony issues. Bo Hines, one of Trump’s prime crypto advisers, mentioned at Consensus 2025 in Toronto that there are lots of concepts on the desk for buying extra bitcoin in budget-neutral methods.
In different state crypto legislative issues, California’s lawmakers have been working on legislation that might enable digital property funds in a state pilot program. The invoice handed unanimously in its Home and was forwarded to the Senate final week.
Learn Extra: New Hampshire Becomes First State to Approve Crypto Reserve Law
