California Scraps Licenses in Proposed Bitcoin Regulation Overhaul
The state of California is once again moving forward with legislation that would update its money transmitter rules to capture businesses engaged in digital currency activities. Deemed inactive last September, Assembly Bill 1326 was re-introduced by the legislature this week and has since been read and amended. Given the discussion that surrounded earlier versions of the bill, the update is already being scrutinized, though signs suggest pros and cons remain. Most notably, the bill no longer proposes to license businesses engaged in financial applications of the technology, but would....
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The ongoing debate about the role of governments in regulating digital currencies isn't going away anytime soon. While the dustup over New York's BitLicense program continues, another front has opened up in California where a member of the state assembly has introduced a bill to regulate California's digital currencies businesses. The Washington, D. C. -based Coin Center and the San Francisco-based Electronic Frontier Foundation (EFF) each have lobbied hard against the New York Department of Financial Services attempts to regulate New York businesses with its controversial BitLicense....
Following New York's BitLicense implementation a few months back, California is now drafting up its own bitcoin regulation as well. Not surprisingly, this drew plenty of opposition among cryptocurrency enthusiasts in the state. Interestingly enough, there is also a split among those criticizing California's bitcoin regulation. Last week, Coin Center executive director Jerry Brito tried to distance his organization from the Electronic Frontier Foundation (EFF) and the Copia Institute. California Bitcoin Regulation Debate. Back when the draft of AB-1326 was filed in the Senate Committee on....
Perhaps the biggest bitcoin-related question on everyone's mind is, "Can bitcoin be regulated?" The argument has been going on for some time, and various experts suggest that the possibility of bitcoin regulation is not entirely unlikely. After all, New York's BitLicense proposal, which requires businesses delving into the art of cryptocurrency to acquire licenses before conducting operations has been cramming news sources, and rumors are abound that it could take effect as early as January of next year. California is now in line to tackle bitcoin regulation. While no true push has been....
Kraken Australia’s Managing Director is concerned that a proposed new licensing regime for crypto exchanges could collapse the vibrancy of the industry down under. With crypto regulation reportedly set to ramp up in Australia over the next 12 months, Kraken Australia’s Managing Director Jonathon Miller thinks that a strict crypto regime could stifle local competition. The Senate Committee on Australia as a Technology and Financial Center, led by crypto-friendly Senator Andrew Bragg tabled 12 extensive recommendations for regulation of the digital asset and Fintech industry last month. The....
A group of bitcoin businesses have drafted a letter to members of California's Senate Banking and Financial Institutions Committee following the state's most recent update of its proposed regulation for bitcoin and digital currencies. Signed by BitGo, Bitnet, Blockstream, Chain, Gem, Mirror and Xapo, the letter praises the Senate for its most recent changes to AB 1326, particularly its elimination of certain redundant licensing and modification of its definition of "virtual currency business". Perhaps most notably, however, the startups called on California to go a step further before the....