Connecticut bans crypto investments by local governments
Under the new law, no cryptocurrency reserve can be created at the state level
11.06.2025 - 11:25
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What’s new? Connecticut has passed a law that prohibits state authorities from investing in cryptocurrency or creating a crypto reserve. Document number 7082, which passed the House and Senate unanimously without objection, went into effect as a 25-66 law after being published on the state’s General Assembly website.
What else is known? The law prohibits local governments from buying, holding, or investing in crypto assets, and prohibits them from creating a virtual currency reserve or accepting crypto payments.
It also requires crypto companies involved in money transfers to disclose all material risks associated with cryptocurrency. In addition, the document establishes protections for minors by requiring verification of a legal guardian for users under the age of 18.
US authorities have allowed pension contributions to be invested in cryptocurrencies
The restriction has been in effect since 2022
Unlike Connecticut, several other states are actively seeking to build strategic bitcoin reserves.
Last month, New Hampshire became the first state to pass a crypto reserve bill. Document number 302, signed by Governor Kelly Ayotte, allows the state treasurer to invest up to 10% of the budget in precious metals and digital assets with a capitalization of more than $500 billion, a threshold currently surpassed only by bitcoin.
Arizona lawmakers followed New Hampshire’s example, but Governor Katie Hobbs vetoed both bills, which would have created a strategic reserve fund for digital assets.
In April, Swiss Central Bank Governor Martin Schlegel also criticized the idea of creating a BTC reserve because of liquidity and volatility risks. According to the regulator, the first cryptocurrency does not meet the criteria for inclusion in the country’s foreign exchange reserves.
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