On June 10, Connecticut enacted HB 7082. As per reports, the bill will completely overhaul the money transmission laws. The law limited the state’s use of virtual currency assets for state work. In other words, restricting state entities from accepting or expensing virtual assets as payments.
This is part of Public Act 25-66 and will take effect on October 1, 2025. The act bars tha state and its political subdivisions from making any sort of public investments using crypto. The statute does define what qualifies as ‘virtual currency’.
As per the statute, the definition is quite expansive. As a result, the definition will encompass all existing tokens, such as BTC, ETH, XRP, etc. Therefore, there are hardly any loopholes that anyone could exploit at present.
According to reports released, the bill passed with a unanimous majority through both chambers. This indicates that there was a broad bipartisan majority that supported the bill. Another thing that HB7082 does is create tighter restrictions.
The Bill will regulate private-sector money transfer and the usage of virtual currencies. The businesses that operate using virtual currencies will also face stricter regulatory limitations. First, they must be licensed by the relevant authority. Second, they need to comply with financial safeguards.
