Connecticut passed a bill to ban the state from holding or investing in cryptocurrencies and impose several new provisions for money transmitters, joining the list of US states opting out of a Strategic Bitcoin Reserve (SBR).
House Bill 7082 (HB 7082), or “An Act Concerning Various Revisions to the Money Transmission Statutes, State Payments and Investments in Virtual Currency (…),” was introduced in February by the Connecticut House Banking Committee and co-sponsored by State Representative Kenneth Gucker, and Senators Patricia Miller and Matthew Lesser.
The legislation updates the state’s money transmission laws, with a focus on regulating digital assets. It expands the definition of money transmission to include the use of digital wallets and crypto kiosks.
Notably, HB 7082 specifically prohibits the establishment of a strategic reserve, detailing that “Neither the state nor any political subdivision of the state shall (…) establish a reserve of virtual currency.”
Previously, Connecticut also saw the failure of a proposed bill to establish a comprehensive framework to advance Web 3.0 technologies and create a dedicated task force to oversee and regulate emerging digital technologies.
The bill would have allowed public funds in Arizona, such as the state treasurer or state retirement system, to invest up to 10% of their assets under management in digital assets. Additionally, Governor Hobbs vetoed another SBR bill that didn’t include retirement fund investment.
Moreover, the US House of Representatives has advanced the Digital Asset Market Clarity (CLARITY) Act of 2025 to a House floor vote after passing yesterday’s markup in the House Financial Services Committee and the House Committee on Agriculture. The bill aims to establish a regulatory framework for digital assets in the US and provide the long-awaited clarity and protection for the industry.
Notably, the GENIUS Act passed its second cloture motion nearly three weeks ago after an unsuccessful procedural vote at the start of May. Senators voted on the motion to proceed to formal debate on the legislation and advanced it to the amendment process to address key concerns from both parties.
