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Louisiana Enacts Pro-Bitcoin Legislation, Restricts CBDCs

Louisiana Enacts Pro-Bitcoin Legislation, Restricts CBDCs

Jun 24, 2024

Louisiana Enacts Pro-Bitcoin Legislation, Restricts CBDCs

Louisiana has emerged as the second state to pass legislation defending bitcoin rights, following a landmark bill signed into law by Governor Jeff Landry. House Bill 488, with bipartisan support from both the House and Senate, was spearheaded by Representative Mark Wright and Senator Jean-Paul Coussan. The bill aims to ensure access to bitcoin and places limitations on Central Bank Digital Currencies (CBDCs).

The statute introduces several key protections for bitcoin users and miners:

  • Right to Self-Custody: Individuals are guaranteed the ability to securely store their digital assets, which bolsters financial security and sovereignty.
  • Transactional Freedom: The law affirms the right to use bitcoin for transactions, thus enabling people and businesses to spend and accept bitcoin freely.
  • Mining Support: Bitcoin mining is encouraged in industrial areas, with the intent to draw business and investment to Louisiana's economy.

Louisiana, known for its robust energy sector, expects to see a surge in its mining industry due to the legal clarity and stability provided by the new law. Representative Mark Wright stated, "I've authored several bills over 6 years in the legislature to pave the way in Louisiana for the changes and economic opportunities from blockchain technology and digital assets." Wright underscored the importance of regulatory clarity for fostering investment and economic freedom.

The Satoshi Action Fund has observed a national shift toward protecting bitcoin rights, with Oklahoma passing a similar law and several other states considering comparable legislation. Dennis Porter, CEO of the Satoshi Action Fund, remarked on the significance of these state-level initiatives, suggesting they could influence federal policy and showcase bitcoin's power to unite Americans across political divides.

The widespread political support for HB 488 in Louisiana reflects a growing acknowledgment of bitcoin's significance and the necessity to safeguard the rights of those engaging with it. Policymakers highlighted the bill's potential to bolster innovation and economic development in the state.

The enactment of HB 488 positions Louisiana at the forefront of bitcoin advocacy, potentially influencing other states to follow suit. Wright has pointed out the risks associated with CBDCs, emphasizing the need to maintain private property rights and avoid potential political control that CBDCs could exert.

Forbes Article

HB 488


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