On X, Dennis Porter, Co-founder and CEO of the Satoshi Action Fund, said that Louisiana’s “Blockchain Basics Act,” or “Bitcoin Rights” bill, is a major step to addressing the threat of CBDCs.
Louisiana Embraces Blockchain with Blockchain Basics Act
Louisiana House Bill 488, the so-called ‘Bitcoin rights’ bill, became law without much publicity on June 19th.
The ‘Blockchain Basics Act’ by Congressman Mark Wright provides legal rights to home digital asset mining, establishes the right to self-host digital assets, acknowledges Bitcoin payments, and bans CBDCs.
“The states are creating a blueprint for federal policy. It won’t be long until we see the impact in Washington,” Wright said to Forbes, Who broke the news first?
New Bitcoin Rights Bills Emerging, Focus Shifts to White House
After the passing of the bill, pro-crypto senator Cynthia Lummis (R-WY) shared her enthusiasm over X.
Lummis’ support for the Blockchain Basics Act comes as more attention is being paid to politicians’ stance on cryptocurrencies in the lead-up to the U.S. presidential Election on Aug 1, 2024.
The current Republican front-runner, Donald Trump, has been particularly critical of CBDCs, referring to them as very dangerous in previous interviews.
This past January, at a rally, the Republican nominee vowed, “I will never allow a central bank digital currency as your president.”
On the other hand, President Joe Biden has generally supported a regulatory approach toward cryptocurrencies and has expressed some measure of openness to examining the CBDC concept.
Although both states are closely tied in currently available polls, the latest statistics show that voters in Louisiana disapprove of President Biden’s work by 57%.
However, analysis of polling data from the state of Louisiana on the political elections site 538 shows that Trump is ahead of Biden by 15%.
It also affirms that Trump’s victory might lead to more favorable Bitcoin policies at the national level.
