When California Attacks: State Builds Anti-Bitcoin Regulations
There are many ways for an establishment in corporate industry to prevent new market competitors. The most common way in current Western culture is through "influencing" local or federal legislators to craft laws that would make creating innovations, new competitors, and small businesses less than feasible. Make the paperwork and regulation so time-consuming and onerous to process that new businesses will exhaust all their resources. Or you can make the costs involved in entering a market so large that only the established corporations can participate. Regulators in The State of California....
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Conference of State Bank Supervisors (CSBS) is a 100-year-old trade organization for state regulators that primarily concerns itself with representing state regulators interests and dealing with issues facing the industry to federal and state authorities. One of their primary invitations is advocating consistent regulations among the financial industry from state to state. The organization announced a new focus on emerging financial technologies in February of 2014. They formed a task force for emerging payment systems whose purpose was to research and develop regulations for those new....
California Governor, Gavin Newsom has signed an executive order for state agencies to facilitate the federal government to create regulations for crypto. Tech investors and businesses have been looking forward to this move by California for almost a decade. The executive order signed by the governor comprises a roadmap concerning regulations and customer safeguarding along […]
One of the pressures in the crypto market is regulation. Many countries’ regulators are consistent in supporting the control and monitoring of crypto assets. These regulators always create laws to manage the industry and protect investors’ funds. California and New York are taking the lead in global crypto regulations. For instance, crypto companies in New York currently operate under a law mandating them to get a “BitLicense” before offering virtual asset services. The law has become operational in the State, although the current mayor Eric Adams is not supportive....
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....
California state officials are considering the creation of a set of regulations that would seek to inform consumers of the risks associated with using virtual currencies while simultaneously creating safeguards against said risks. The Department of Business Oversight claims that the state's money transmitter laws, which are currently used to regulate business such as Western Union, are applicable to Bitcoin. Speaking with Bloomberg, California Department of Business Oversight spokesperson Tom Dresslar said: The consensus among staff is that the department and commissioner could regulate....