United States of America: Adopted Blockchain Basics Act (HB 488)

On 3 June 2024, the Blockchain Basics Act (HB 488) was adopted by the Louisiana legislature. The Act will forbid the use of central bank digital currencies (CBDCs) and establish regulations for miners and node operators. It also aims to prohibit the state of Louisiana from conducting trials, accepting, or mandating payments using a CBDC. However, the Act does not impose restrictions on other digital currencies. Additionally, it prevents foreign entities from acquiring or maintaining any ownership stake in digital asset mining operations within Louisiana. Foreign-controlled businesses currently involved in digital asset mining in Louisiana will have a one-year grace period to fully divest their interests. Noncompliance could result in penalties, including fines of up to USD 1 million or 25% of the foreign entity's stake in the mining operation.