Will Other States Follow Connecticut’s Ban on Crypto?

Connecticut has become the first US state to ban government involvement with digital assets. The new law prohibits state and local governments from investing in Bitcoin or other cryptocurrencies, forbids accepting cryptocurrency payments for taxes, fees, or any purpose, and prevents creating a state-backed crypto reserve. This move marks a departure from the national trend of exploring blockchain applications in public finance. While businesses can continue using crypto according to existing laws, Connecticut’s action highlights the ongoing debate surrounding digital assets.