Some U.S. states are searching for methods to include cryptocurrencies and digital currencies into the operations of their financial institutions. This is necessary when the cryptocurrency market grows, and digital currencies become more commonly used.
Crypto expert Dennis Porter reported on June 21 that one of these initiatives approved by the governor of Louisiana, John Bel Edwards, is to allow financial institutions in the state to hold Bitcoin (BTC) and other digital assets on behalf of consumers.
House Bill No. 802 was sponsored by Louisiana State Representative Mark Wright and supported by the Pelican Centre for Technology and Innovation and its director Eric Peterson. According to the bill, custody services are defined as a financial institution or trust company’s safekeeping or custody of virtual currency or other assets.
BREAKING: The Governor of Louisiana just signed a bill that allows financial institutions in Louisiana to custody #Bitcoin and digital assets for customers.
— Dennis Porter (@Dennis_Porter_) June 21, 2022
Crypto support across the U.S. political landscape
Wright, a well-known crypto fan, has also presented bill No. 1010, which would allow the formation of deregulated industrial power zones in the state and benefit crypto.
If enacted, this measure will let a governing body petition the state land office to designate a parcel of property within the parish as a power zone. This action, according to Peterson, would make Louisiana an attractive location for Bitcoin miners.
There is no shortage of crypto proponents among U.S. lawmakers, notably Wyoming Senator Cynthia Lummis, who recently introduced a crypto regulation bill to the United States Congress to incorporate digital assets into the U.S. financial system entirelyto entirely incorporate digital assets into the U.S. financial system.
Other politicians with crypto-related agendas include senate candidate Bryan Solstin, who pledged to make Bitcoin legal money in the country if elected, making the United States one of the few countries to do so.
