§ 49:1502 — Definitions

§1502. Definitions
As used in this Chapter, the following terms have the following meanings, unless
context of use clearly requires otherwise:
(1) "Blockchain" has the meaning ascribed to it in R.S. 6:1382. The term
"blockchain" includes both of the following:
(a) Data that is shared across a network to create a ledger of verified transactions or
information among network participants linked together using cryptography to maintain the
integrity of the ledger and to execute other functions.
(b) Data that is distributed among network participants in an automated fashion to
concurrently update network participants on the state of the ledger and any other function.
(2) "Blockchain protocol" means any executable software deployed to a blockchain
composed of source code that is publicly available and accessible, including a smart contract
or any network of smart contracts.
(3) "Central bank digital currency" means a digital currency, a digital medium of
exchange, or a digital monetary unit of account issued by the Board of Governors of the
Federal Reserve System or a federal agency which is made directly available to a consumer
by such entities or which is processed or validated directly by such entities. The term does
not mean a digital asset backed by legal tender or government treasuries and issued by a
private entity.
(4) "Digital asset" means virtual currency, cryptocurrencies, natively electronic
assets, including stablecoins and nonfungible tokens or NFTs, and other digital-only assets
that confer economic, proprietary, or access rights or powers.
(5) "Digital asset mining" means using electricity to power a computer or node for
the purpose of securing a blockchain network.
(6) "Digital asset mining business" means a group of computers working that
consume more than one megawatt of energy for the purpose of securing a blockchain
protocol.
(7) "Governing authority" means any board, commission, department, or other
agency of the state or any political subdivision in the state.
(8) "Hardware wallet" means a physical device that is not continuously connected
to the internet and allows an individual to secure and transfer digital assets. The term
"hardware wallet" also includes a physical device under which the owner of digital assets
retains independent control over the digital assets.
(9) "Home digital asset mining" means using digital asset mining in an area zoned
for residential use.
(10) "Interest" means an ownership interest of greater than zero percent.
(11)(a) "Node" means a computational device that does any of the following:
(i) Communicates with other devices or participants on a blockchain to maintain
consensus and integrity of that blockchain.
(ii) Creates and validates transaction blocks.
(iii) Contains and updates a copy of a blockchain.
(b) A node does not exercise discretion over transactions initiated by the end user of
the blockchain protocol.
(12) "Nonfungible token" or "NFT" has the meaning ascribed to it in R.S. 6:1382.
(13) "Prohibited foreign party" means any of the following:
(a) A citizen, resident, or agent of a country subject to the provisions of 22 CFR
126.1 of the International Traffic in Arms Regulations.
(b) A foreign government formed within a country subject to the provisions of 22
CFR 126.1 of the International Traffic in Arms Regulations.
(c) A party other than an individual or government that is created or organized under
the laws of a foreign government within a country subject to the provisions of 22 CFR 126.1
of the International Traffic in Arms Regulations.
(d) Any party other than an individual or a government that is created or organized
under the laws of any state and in which a significant interest or substantial control is directly
or indirectly held or is capable of being exercised by any of the following:
(i) An individual as provided in Subparagraph (a) of this Paragraph.
(ii) A foreign government as provided in Subparagraph (b) of this Paragraph.
(iii) A party as provided in Subparagraph (c) of this Paragraph.
(iv) A combination of any individual, party, or government as provided in this
Paragraph.
(e) An Entity of Particular Concern (EPC) designated by the United States
Department of State.
(f) An agent, trustee, or other fiduciary of a person or entity as provided in this
Paragraph.
(14) "Self-hosted wallet" means a digital interface that is used to do both of the
following:
(a) Secure and transfers digital assets.
(b) Retain independent control over the secured digital assets by the owner of the
digital asset.
(15) "Staking" means the act of committing digital assets for a period of time to
validate and secure a specific blockchain network.
(16) "Staking as a service" means the provision of technical staking services,
including the operation of nodes and the associated infrastructure necessary to facilitate
participation in blockchain networks' consensus mechanisms.

Legislative History

Acts 2024, No. 700, §1.