Connecticut Governor Lamont Signs Bill Banning Digital Asset Investments
2025/06/30 21:24Connecticut Governor Ned Lamont has signed House Bill 7082 into law, officially enacting the ban on state investment in digital assets, which includes Bitcoin (BTC).
This marks a significant divergence from the growing trend of cryptocurrency adoption in other US states and internationally.
Connecticut Takes a Stand Against Digital Assets
House Bill 7082 was first introduced in February 2025. The bill was co-sponsored by Democratic lawmakers. This included State Representative Kenneth Gucker, Senators Patricia Miller and Matthew Lesser, and Representative Jason Doucette.
It garnered substantial support, passing the House on May 14 with 105 votes in favor and 42 against. On May 30, the Connecticut General Assembly unanimously approved the bill, with votes of 148-0 in the House and 36-0 in the Senate. Governor Lamont’s signature on June 30 has finalized its enactment.
The legislation prohibits the state and its political subdivisions from accepting, holding, or investing in virtual currencies.
“Neither the state nor any political subdivision of the state shall (1) accept or require payment in the form of virtual currency for an amount due to the state or the political subdivision, or (2) purchase, hold, invest in or establish a reserve of virtual currency,” HB 7082 reads.
Moreover, it also introduces comprehensive consumer protection measures. It mandates that businesses engaging in virtual currency transactions must disclose potential risks, such as the non-recoverability of losses, lack of government backing or insurance, and the irreversibility of transactions.
Virtual currency kiosk operators, in particular, face strict compliance requirements. These include verifying customer identities, preventing the use of high-risk or sanctioned wallets, and limiting the amount customers can transact daily.
New customers are subject to daily transaction limits of $2,000 while existing customers can transact up to $5,000. Kiosks must also offer live customer support and implement measures to prevent fraud. Furthermore, businesses must employ a full-time compliance officer to ensure adherence to proper regulations.
This move positions Connecticut as an outlier in the US, where several states are embracing digital assets as part of their financial strategies. In late June 2025, Texas Governor Greg Abbott signed Senate Bill 21, authorizing the Texas Strategic Bitcoin Reserve.
Texas joined Arizona and New Hampshire, which have also passed legislation to establish Bitcoin and digital asset reserves. Nonetheless, Texas is the first to actively finance the reserve through public funds.
Meanwhile, Arizona’s lawmakers recently revived a bill that seeks to create a Bitcoin and Digital Assets Reserve Fund. This signaled a broader trend of state-level adoption.
Internationally, the momentum for cryptocurrency reserves is also growing. According to local media reports, the National Bank of Kazakhstan is exploring the creation of a state crypto reserve. Previously, Pakistan also announced plans to establish a Bitcoin reserve, reflecting a global shift toward integrating digital assets into national financial frameworks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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