California's Bill to Make Bitcoin 'Lawful Money' Heads to Governor
California Assembly Bill 129, a bill that would deem digital currencies 'lawful money' in the US state, will now head to the desk of California Governor Jerry Brown where it will require final approval to become law. The announcement comes just weeks after AB-129 came before the California Senate Banking and Financial Institutions Committee, passing by a 7-1 vote. AB-129, authored by Assembly Member Roger Dickinson, would recognize digital currencies - along with a host of other commonly-issued forms of value including points and coupons - as lawful alternatives to the US dollar. The....
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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....
The California Senate Banking and Financial Institutions Committee indicates that AB 129 is now roughly halfway through the process to become law. Due to its position as a hotbed for technological innovation, California has thus far adopted a friendly stance toward its emerging bitcoin and virtual currency communities. This attitude of encouragement, while noticeable in its vibrant startup scene, has been best displayed in the actions of its government, which this September revised net worth requirements for state money transmitters with the passage of Assembly Bill 786. Now, following a....
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....
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....
A Bill (act to amend Section 107 of the Corporations Code, relating to business associations) introduced by California State Assembly member and Chairman on Banking and Finance Roger Dickenson on January 15th "AB-129 Lawful money: alternative currency" (PDF) as Amended January 23, 2014 specifies that "current law which bans the issuance or circulation of anything but lawful money of the United States does not prohibit the issuance and use of alternative currency." Reading between the lines, right now within the state lines of California it appears that the world's favorite cryptocurrency....