California Banking and Finance Committee OK’s Bitcoin Bill
California’s assembly committee on banking and finance has approved a bill that would regulate cryptocurrencies such as Bitcoin in a similar fashion to New York’s controversial BitLicense. Dubbed AB-1326 Virtual Currency, the legislation is now headed to the appropriations committee before reaching a vote on the assembly floor. The bill would make it a crime in California to operate a virtual currency business without first registering with the commissioner of business oversight, satisfying all requirements, and paying an application fee of $5,000. Businesses must also file audits and....
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California's legislature has once again shelved a plan to regulate businesses in the digital currency industry. Reintroduced after nearly a year of dormancy earlier this month, Assembly Bill 1326 has now been referred back to the state's Rules Committee and Banking and Finance Committee – effectively freezing its progress. Word first emerged on Friday that the measure would be delayed, and a representative for the Banking and Finance Committee has since confirmed to CoinDesk it will not be heard in the legislature again this year. She said: "It's being delayed for this year." The....
The California State Senate and Assembly passed a bill in early September that amends the state’s Money Transmission Act. The bill was designed to modernize old laws in light of new technologies — Bitcoin was specifically mentioned — and “remove barriers to market entry to start-up payment technology companies,” said Committee on Banking and Finance Chair Roger Dickinson. Dickinson first introduced the bill in February. Here are the three things that could benefit Bitcoin companies if Gov. Brown signs it into law:
California's State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks. Formulated by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour. Currently undergoing review by California's Senate - having already completed the first of three readings - if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the....
The California state legislature's effort to effectively legalize bitcoin - along side a host of other alternative stores of value - as forms of money cleared an important procedural stage on Wednesday as it moved closer to becoming law. On 4th June, the California Senate Banking and Financial Institutions Committee voted overwhelmingly in favor of AB-129, the bill authored by Assemblymember Roger Dickinson that would recognize digital currencies, points and coupons, among other US dollar alternatives, as lawful money. The 7-1 vote by the committee means the bill will move to the Senate....
California is getting closer to outright legalizing Bitcoin in the state with the proposed bill clearing a committee vote yesterday. Back in September of last year, California passed AB 786, a piece of legislation that makes it easier doing in-state business for Bitcoin startups. This time, a bill dubbed as AB-129 Lawful Money, which would legalize cryptocurrencies in the state, passed the Senate Banking and Financial Institutions Committee yesterday by a 7-1 vote. Previously, the bill was unanimously approved in the California Assembly by a 75 to 0 vote. The next step for the bill will be....