DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 488 Reengrossed 2024 Regular Session Wright
Abstract: Prohibits a governing authority from accepting or requiring central bank digital currency
and from participating in any test of central bank digital currency by any branch or agency
of the federal government.
Proposed law (R.S. 49:1501) establishes the "Blockchain Basics Act".
Proposed law (R.S. 49:1502) defines "blockchain", "blockchain protocol", "central bank digital
currency", "consumer price index", "digital asset", "digital asset mining", digital asset mining
business", "governing authority", "hardware wallet", "home digital asset mining", "node",
"nonfungible token", "self-hosted wallet", "staking", and "staking as a service".
Proposed law (R.S. 49:1503) prohibits a governing authority from accepting or requiring a payment
using central bank digital currency.
Proposed law (R.S. 49:1503) prohibits a governing authority from requiring participation in any test
of a central bank digital currency by the federal government.
Proposed law (R.S. 49:1504) provides that no governing authority shall prohibit, restrict, or impair
an individual's ability to use digital assets to purchase goods and services.
Proposed law (R.S. 49:1505) provides for the establishment of digital asset mining businesses in the
states.
Proposed law (R.S. 49:1505) prohibits certain limitations on governing authority zoning restrictions.
Proposed law (R.S. 49:1506) provides that a person or entity may operate a node for the purpose of
connecting to certain blockchain protocols and transferring digital assets on a blockchain protocol,
or to participate in staking on a blockchain protocol.
Proposed law (R.S. 49:1506) provides that individuals shall not be considered as offering a security
or investment contract when engaged in home digital asset mining or node operating.
Proposed law (R.S. 49:1506) limits certain liabilities. Proposed law further permits enforcement by
the attorney general for unfair trade practices
(Adds R.S. 49:1501-1506) Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Commerce to the original bill:
1. Make technical changes.
The House Floor Amendments to the engrossed bill:
1. Redesignate proposed law.
2. Remove certain exceptions to licensing requirements.
3. Make technical changes.