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
