GREEN SHEET REDIGEST
HB 488 2024 Regular Session Wright
COMMERCE: Provides relative to blockchain and digital asset regulation.
DIGEST
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. 49:1506) 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) 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.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the reengrossed bill
1. Removes certain prohibitions and limitations on governing authority zoning
restrictions.
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Prepared by Xavier Alexander. 2. Removes limitation on liability related for specific transactions.
3. Removes the ability of a digital asset mining business to appeal change in zoning
to a court or proper jurisdiction. Further removes that the judge shall find a
violation and nullify the change in zoning if the change is to discriminate against
a digital asset mining business.
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Prepared by Xavier Alexander.