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Crypto Gains State-Level Support As South Carolina Bans Federal CBDCs

South Carolina has joined over a dozen U.S. states in enacting legislation to protect cryptocurrency rights. Governor Henry McMaster signed Senate Bill 163, which passed with near-unanimous support. The law prohibits state agencies from accepting or requiring payments in a Federal Reserve-issued central bank digital currency (CBDC) or participating in related pilot programs, though privately issued stablecoins like USDC remain permitted. Beyond the CBDC ban, the legislation establishes a broad framework for digital assets. It protects the right of individuals and businesses to accept cryptocurrencies as payment, formally recognizes self-hosted wallets, and prevents discriminatory taxation on digital asset transactions. The law also provides legal protections for crypto mining operations against unfair local regulations and exempts certain activities like node operation and staking services from money transmitter licensing. It includes consumer protection measures, allowing the state Attorney General to prosecute fraud in staking or mining services.

bitcoinist05/21 06:32

Crypto Gains State-Level Support As South Carolina Bans Federal CBDCs

bitcoinist05/21 06:32

Minnesota Moves to Ban Crypto Kiosks Over Fraud

Minnesota lawmakers are advancing a bill, House File 3642, to ban all cryptocurrency kiosks in the state. This action follows law enforcement testimony linking these machines to a significant increase in elder fraud cases. Officials cited instances where elderly victims lost substantial savings, with one individual sending half her monthly income to scammers. Despite 2024 regulations that imposed consumer protections like disclosure requirements and a $2,000 daily transaction limit, these measures were deemed insufficient to prevent fraud. The proposed ban targets physical kiosks but would not affect online cryptocurrency transactions. This move aligns with a broader national and international trend of increasing oversight on crypto kiosks due to fraud concerns.

TheNewsCrypto02/27 12:45

Minnesota Moves to Ban Crypto Kiosks Over Fraud

TheNewsCrypto02/27 12:45

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