The motion is promoting the use of cryptocurrencies by state and local governments. The move also highlights that bitcoin is an essential tool for companies and a supportive asset for citizens.
The House of Representatives of Louisiana in the United States of America approved a project to praise bitcoin and its creator, Satoshi Nakamoto, for considering cryptocurrency as essential for individual and institutional economic development.
The resolution of the state legislative entity became a subject of praise to a Twitter user, who published a screenshot of the paragraphs in question. “The House of Representatives of the Louisiana State Legislature recognizes Satoshi Nakamoto for his contribution to economic security” can be read at the beginning of the quoted passage.
The resolution received approval on Thursday, April 22. Also, it highlighted that the House recognizes bitcoin for playing an essential role as the first decentralized asset with a capitalization of two trillion dollars.
This resolution encourages local and state governments to find better ways to enjoy the list of advantages and benefits of using this technology.
The Louisiana legislators stressed that bitcoin “has not only proven to be a vital tool for companies but also for citizens around the world to protect themselves from possible devaluations shortly.
Republican lawmaker Mark Wright introduced the bill. Among the arguments supporting the presentation, it stands out that the leading cryptocurrency “can potentially replace gold as a monetary reserve.”
The measure was also posted on Twitter by Senator Cynthia Lummis, a Republican and Wyoming, who also presents herself as a bitcoin fan and promoter on her social network profile. In the post, Lummis mentions Senators John Kennedy, and Bill Cassidy, both from Louisiana, and invites them to “make this a national issue.”
The different States are Now Including Bitcoin on their Agenda
The US state government has been interested in cryptocurrencies before. Recently, the state of Georgia tried to include bitcoin in the educational curriculum. This inclusion is intended to train young people about its operation.
Similarly, other US officials besides Lummis, Kennedy and Cassidy have voiced their support for developing crypto assets. Some examples of this are Gary Gensler, current chairman of the Securities and Exchange Commission; Sunayna Tuteja, Head of Innovation at the Federal Reserve; and Hester Peirce, Securities, and Exchange Commissioner 2018.
Congressman Patrick McHenry is the Republican leader of the House Financial Services Committee. His bill for eliminating barriers to innovation received approval last week. This law intends to expand and promote innovation in the digital assets environment the same way bitcoin made it in the United States of America.
Biden and his Considerations about Cryptocurrencies
The Biden administration is considering raising the capital gains tax to 39.6% for those who earn more than $ 1 million a year. That was enough to cause the most significant drop in US stocks in five weeks.
American investors in Bitcoin, which has advanced more than 70% this year despite its recent setback, are already facing a capital gains tax if they sell the cryptocurrency after holding it for more than a year.
By: Jenson Nuñez