Newly approved bill allow Louisiana banks to provide crypto custody services

The governor of the US signed & approved the proposed bill “No. 802” to allow the Louisiana banks to provide digital assets custody services. 

Crypto adoption is surging rapidly and due to this surge in the adoption of crypto, many financial decors are facing significant competition and in that situation, they are trying to bring crypto into their services to remain active in the competition. However traditional laws and rules don’t allow crypto-linked services but new laws are trying to provide significant authority to make traditional financial players sustain their business.

On 22 June, Dennis Porter, a crypto analyst, informed the crypto industry about the new bill approved by US Louisiana Governor John Bel Edwards. Under the approved bill, all the financial institutions will be allowed to provide custody for digital assets like Bitcoin. 

Porter said:

“The Governor of Louisiana just signed a bill that allows financial institutions in Louisiana to custody #Bitcoin and digital assets for customers.”

In the same tweet thread, Porter appreciated the efforts of the @Eric_Peterson_  @WrightLouisiana and @Pelicans_tech to bring this bill under the legal approval of the Governor.

Initially bill “No. 802” was proposed by Louisiana State Representative Mark Wright and further it was supported by the Pelican Center for Technology and Innovation and its director Eric Peterson. Eric shared details and the necessity of the bill via news.

At that time, Eric asserted:

“Allow financial institutions and trust companies to serve as custodians of digital assets; to provide for parameters and procedures; and to provide for related matters.”

Recently a popular crypto enthusiast Wright has also proposed a crypto-friendly bill “No. 1010”. The proposed bill seeks to allow the creation of deregulated industrial power zones in the state. 

These things are now enough to confirm that the crypto industry is getting huge numbers of advocates to bring favorable rules and ecosystems for this innovative industry.

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