LOU LEG Blockchain, Digital Assets

On Jun. 4, LOU LEG isued bill to regulate blockchain and digital assets.

  • LOU LEG passed bill HB 488 providing for regulation of blockchain and digital assets.
  • Created the Blockchain Basics Act under LOU LEG 49-1501 through LOU LEG 49-1507.
  • Bill Provisions
  • Prohibits certain government regulations of digital assets and provides for definitions.
  • Governing authorities prohibited from requiring use of central bank digital currency.
  • Sets out requirements for node operating and the use of home digital asset mining.
  • Provides for exceptions, limitations of liability, and duties of the attorney general.
  • Prohibits ownership of digital asset mining business foreign-party-controlled business.
  • Provides for investigations, civil actions, and procedures, terms, remedies, conditions.
  • Specifies provisions of Act 331 of 2023 that shall terminate on Jul. 1, 2027.
  • Legislative History
  • On Mar. 11, 2024, bill introduced in House; on Apr. 2, 2024, bill was passed in House.
  • On Apr. 3, 2024, bill sent to Senate; on May 21, 2024, bill passed with amendments.
  • On May 22, 2024, bill sent back to the House; on Jun. 3, 2024, House adopted CCR.
  • On Jun. 3, 2024, Senate adopted CCR; on Jun. 4, 2024, bill delivered to the governor.
  • Effectiveness
  • If enacted, this act will take effect on Aug. 1, 2024.
  • Jun. 2024 LOU LEG Governor Approved
  • On Jun. 19, 2024, LOU LEG reported governor signed the bill and assigned Act 700.
  • Document dated Jun. 19, 2024, received from LOU LEG Jun 21, summarized Jun. 26.

Regulators LOU LEG
Entity Types Bank; CNSM
Reference Act 700, 6/19/2024; Bill HB488, 6/4/2024; Citation: LOU LEG 49;
Functions Compliance; Financial; Legal; Operations; Product Administration; Technology
Countries United States of America
Products Banking; Cryptocurrency
Regions Am
Rule Type Final
Rule Date 6/4/2024
Effective Date 8/1/2024
Rule Id 214820
Linked to N/A
Reg. Last Update 6/19/2024
Report Section US Banking

Last substantive update on 06/26/2024