HB6752 empowers the Banking Commissioner to regulate digital asset business practices, defines key terms like “virtual currency address,” “virtual currency kiosk,” and “virtual currency wallet,” and sets forth requirements for virtual currency kiosk owners/operators to enhance transparency and consumer protection, embracing digital currency in the market.
The Connecticut State Senate passed HB6752 on June 5, 2023 by a vote of 24 to 12. We have assigned pluses to the nays because embracing digital currency is a slippery slope. Digital currency has nothing of value to back it up, making it unstable and dangerous. While this bill seeks to protect consumers, Connecticut should push to ban a central bank digital currency. The government should not get involved in digital currency, rather, it should embrace the gold standard and real money. The U.S. Constitution states that only the U.S. Congress has the power to “coin money,” and HB6752 violates that provision.