At least 35 states have taken up proposed bills on cryptocurrency and other digital assets in 2024, with several states adopting laws on issues ranging from crypto mining to banning the use of a central bank digital currency, according to a new analysis by the National Conference of State Legislatures.
NCSL tracked more than 200 resolutions and proposed laws related to digital assets introduced in state legislatures this year. Many failed to advance while many others remain under consideration. Still, more than 60 resolutions and bills have been adopted so far. One example is Colorado, which repealed its Digital Token Act, a 2019 state law that exempted cryptocurrencies from certain regulations for securities and investment products. Another example is Louisiana, which passed a law prohibiting governmental authorities from blocking digital assets as a form of payment for goods and services, but at the same time prohibited state agencies and local governments from accepting CBDCs as a form of payment.
Several states took up legislation to ban or restrict the use and development of CBDCs, inspired in part by recent amendments made by the Uniform Law Commission to the Uniform Commercial Code to address transactions involving digital assets. Georgia prohibited governmental agencies from using CBDC as payment and from participating in testing the use of such currency. Nebraska passed a law to prevent the UCC from being used in the creation of CBDC. South Dakota adopted a resolution opposing the creation of a CBDC.
