Connecticut Governor Ned Lamont has signed a bill banning the use of Bitcoin and other crypto assets by public officials. The new law will take effect on October 1, 2025.
Details of the New Law
The legislation, known as House Bill 7082 or Public Act 25-66, passed without opposition with a vote of 148-0 in the House and 36-0 in the Senate. The law introduces new rules for crypto businesses, requiring licensing for virtual currency operations and strict anti-money laundering compliance.
Reactions from Supporters and Critics
Supporters of the law argue it will protect citizens from the volatility risks of cryptocurrencies, especially for minors. However, critics contend that such measures may stifle innovation in the growing industry and negatively impact taxpayers. Crypto attorney Aaron Brogan also expressed doubt that the law will yield substantial results in the long run.
Comparison with Other US States
Connecticut’s decision marks a departure from other US states that actively support the use of Bitcoin as a store of value. Texas, for example, established a Bitcoin reserve, allocating $10 million, to prepare for the future of digital finance. Arizona and New Hampshire have also passed similar bills to create reserves for digital assets.
The ban on cryptocurrency use in Connecticut represents a significant step in digital asset regulation, while other states are moving in the opposite direction by integrating Bitcoin into their financial systems.
