California Considers US$5,000 BitLicense-style Scheme for “virtual currency”
The Californian state assembly is considering legislation that would require all “virtual currency” businesses to acquire a US$5,000 license to operate legally. Seeking to extend its existing legislation around businesses transmitting consumer money, the West Coast state is now looking to include “virtual currency” companies from the cryptocurrency sector in the regulations. Drawing strong comparisons to the BitLicense proposal currently working its way through the New York legal system, the proposed legislation in Bill AB-1326 describes its purpose as follows. “This bill would prohibit a....
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California is set to follow New York’s lead, but the Bitcoin Foundation wants to stop the state from getting its own version of the BitLicense. The California Bitcoin License bill designated as AB1326 has undergone several changes in the assembly and senate since it was first introduced last year. It is now awaiting a second reading by Senate. Opponents of the bill, however, claim that the language of it has the potential to reduce California’s capability of supporting digital currency startups in the state. Bitcoin Foundation Education Committee chair Colin Gallagher is one opponent who....
The Bitcoin Foundation has launched a fresh appeal to stop the latest and “even worse” BitLicense-style bill from becoming law in California. California Bill ‘Worse Than Before’. Bill AB-1326, which has become known as the ‘California BitLicense,’ passed the State Assembly and is now awaiting its Senate second reading today. According to opponents,....
North Carolina Gov. Pat McCrory has signed a law that defines “virtual currency” and clarifies what activity triggers licensure. The Chamber of Digital Commerce views the measure as a historical moment for state regulation of virtual currencies and blockchain technology. The ratification of the bill, also known as the North Carolina Money Transmitter Act, follows 16 months of deliberations between the chamber, the state’s General Assembly and the North Carolina Commissioner of Banks. The General Assembly approved the bill last month, CCN reported. Law Defines ‘Virtual Currency’. The law....
The ongoing debate about the role of governments in regulating digital currencies isn't going away anytime soon. While the dustup over New York's BitLicense program continues, another front has opened up in California where a member of the state assembly has introduced a bill to regulate California's digital currencies businesses. The Washington, D. C. -based Coin Center and the San Francisco-based Electronic Frontier Foundation (EFF) each have lobbied hard against the New York Department of Financial Services attempts to regulate New York businesses with its controversial BitLicense....
As California legislature prepares to vote on the Bitcoin License bill, Electronic Frontier Foundation expresses its concerns about its impact on Bitcoin ecosystem. The State of California is all set to follow New York’s footsteps. The Golden State has drafted a new digital currency regulation along the lines of New York’s BitLicense and it will be voted upon soon. The California Bitcoin License assembly bill designated as AB 1326 was first introduced by the Assembly member Matt Dababneh. Since its introduction in the month of February last year, it has gone through multiple amendments in....