AB 129 Is Not California Law Yet... The Remaining Steps Before "Bitcoin Becomes Legal In California" And How You Can Help
A top post on /r/Bitcoin at the moment has quite the misleading title. The specific document linked is merely the latest revision of the bill with analysis from the State Assembly's Banking and Financial Institutions Committee and dates to 1/23/14. The post has caused many to mistakenly believe that either the bill has become a law or the bill has been passed and is awaiting signing to become a law. Both of which are quite untrue and reveal ignorance of political processes. While I understand that Reddit is a worldwide community without general understanding of the American legislative....
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The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies 'legal money' status, into law, Reuters reports. The news comes just weeks after the approval of the final amended version of the bill earlier this month through key votes in both the California Assembly and Senate. AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were....
California has become the first state in the union to legally approve the use of Bitcoin. This is a welcome move, and we can only hope that, to paraphrase Jimmy Carter, laws like AB129 will have the inclination to spread. AB 129 repeals Section 107 of the California Corporations Code, which prohibited any corporation, association or individual from putting in circulation as money, anything but the lawful money of the United States. The new law, therefore, paves the way for, and pre-empts the possibility of anyone construing Section 107 as prohibiting the use of, Bitcoin in the state of....
In the world of digital currency, misinformation spreads quickly, and there may be no greater recent example of this than California Assembly Bill 129, a piece of proposed legislation that has been heralded somewhat incorrectly as an already successful move by the state to "legalize cryptocurrencies". Though, the bill would recognize digital currencies as "lawful money", it would also ensure the legal footing of additional forms of legal tender such as points and coupons, and is currently only halfway to becoming law. Regardless, many in the digital currency community have high hopes that....
Canada’s landmark legal legislation this week came suddenly for the community – but it is not alone: now, a second official response has been heard in California. CNBC.com reports that Assemblyman Roger Dickinson yesterday approved an amendment to the law on accepted currencies “making it easier to use alternative currencies including Bitcoin.” The bill, AB-129, was backed 7-1 by the California Senate Banking and Financial Institutions Committee and will now move forward to review by California Governor Jerry Brown, like Dickinson a democrat, who will be able either to approve or veto its....
Bitcoin’s status as either a currency or a commodity is at the center of a California lawsuit between a bitcoin mining computer company and a person the company paid to promote it, according to The Recorder, a California legal and technology newspaper. Marc Lowe, a California doctor, received payment in bitcoin to promote HashFast Technologies’ bitcoin mining computer. HashFast Technologies filed for bankruptcy in 2014 and its bankruptcy trustees claim the doctor was overpaid and want him to return the payment of 3,000 bitcoin, now worth $1.2 million. They argued bitcoin is a commodity....