California Assemblyman Defends Bitcoin Bill
Assemblyman Matt Dababneh, who penned California's AB-1326 bill seeking to regulate virtual currency businesses, has defended his proposal against critics. Last week, the Electronic Frontier Foundation (EFF) said the bill, which would prohibit virtual currency businesses from operating unless licensed to do so by the Department of Business Oversight (DBO), threatened the future of digital currency experimentation and innovation in the state of California. Dababneh said in a statement: "First, EFF has little expertise in the area of financial regulation and is generally beyond its depths on....
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California Assemblyman Matt Dababneh has blasted the Electronic Frontier Foundation (EFF) for spreading false information against his Bitcoin bill, AB-1326. Last week, the said Bitcoin advocacy group had called the Californian Bill "premature and technically inaccurate", saying that its significant fees and administrative hurdles would clamp down the growth of young Bitcoin startups in the state. EFF further called out for a no-regulation scenario, for it believed that the digital currency industry is still too young to be regulated. Replying to the criticism, assemblyman Dababneh called....
California's AB-1326 bill, which attempted to regulate virtual currency businesses, is no longer active, thanks to a state senator. The controversial bill, penned by Assemblyman Matt Dababneh, was ordered to become an inactive file at the request of Senator Mitchell on 9th September. According to definitions by the Californian government, the bill is now "dormant or dead" but can potentially be re-activated by its author at a later date. Colin Gallagher, chair of the Bitcoin Foundation Education Committee, commented on the bill's status: "While we should remain vigilant (the California....
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....
A bill introduced to the California legislature aims to bring virtual currency businesses more clearly under the state's Money Transmission Act. Penned by Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, AB-1326 would prohibit virtual currency businesses from operating unless they are licensed by the Department of Business Oversight (DBO) or have received an exemption from the agency. Similar to the general financial code, license applicants would need to pay a non-refundable $5,000 fee to register; provide certain identifying information; and keep a....
The California Senate Appropriations Committee has voted 6-1 to advance a bill that would create a licensing regime for bitcoin companies in the state. The bill moved forward on 27th August, with Senator Jim Nielsen, a Republican from California's Fourth District, casting the lone dissenting vote. The bill received a second reading on Monday, with a third reading set for a later date. AB-1326's movement through the California Senate - it passed the lower chamber in June - comes as groups supporting and opposing the measure spar over the law's wording. The bill, introduced by Assemblyman....