Compass Investments

– A new law in Connecticut imposes a ban on cryptocurrency ownership and investment for all levels of state government.

In addition, the government will not be able to build crypto reserves.

Connecticut has banned state and municipal entities from investing in cryptocurrencies and creating crypto reserves.

On Tuesday, the Connecticut General Assembly released the final text of the bill. The document, H.B. 7082 was approved without dissent and unanimously by both chambers. It became Public Act No. 25-66, according to the official website of the Connecticut General Assembly.

It prohibits government agencies from buying, holding or investing in crypto-assets, as well as: {

the creation of virtual currency reserves

or accepting cryptocurrencies.

The bill requires crypto businesses that provide money transfer services to disclose all material risks associated with cryptocurrencies in

clear, conspicuous and legible writing in English.

In addition, minors are protected by requiring proof of legal guardian for users under the age of 18.