PANews reported on July 1 that Ned Lamont, Governor of Connecticut, officially signed the HB7082 bill, writing the Bitcoin reserve ban into law.

The bill prohibits state and local governments from accepting, holding or investing in any virtual currency, and comprehensively revises the regulations on money transmission. The bill requires companies involved in digital wallets and virtual currency transactions to strictly comply with new regulations such as license application, compliance and information disclosure, including ensuring 1:1 virtual currency reserves, providing detailed consumer risk warnings, limiting transaction amounts and strengthening anti-fraud measures, especially for the elderly and large transactions. In addition, the bill also sets stricter restrictions on minors' use of money sharing applications, requiring parental consent for account opening, and data can be deleted upon request.

Earlier news, the U.S. state of Connecticut passed a law prohibiting the state government from holding or investing in virtual currency .