BTC Foundation Calls to Halt ‘California BitLicense’ Onslaught
The Bitcoin Foundation has launched a fresh appeal to stop the latest and “even worse” BitLicense-style bill from becoming law in California. California Bill ‘Worse Than Before’. Bill AB-1326, which has become known as the ‘California BitLicense,’ passed the State Assembly and is now awaiting its Senate second reading today. According to opponents,....
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The highly controversial California AB 1326, often referred to as “California’s BitLicense” has failed to pass in the Legislature. The bill, which would require Bitcoin many Bitcoin businesses operating in California to apply for a state-issued License, failed to pass before the September 11 deadline. The strict nature of the bill has led the Bitcoin community to compare it to New York’s BitLicense, which has forced many Bitcoin businesses to cut off their services to New York. The California Bitcoin bill garnered large amounts of criticism from the Bitcoin community, as well as....
The state of California has officially ceased further plans to adopt cryptocurrency legislation this year. The lawmakers attempting to create their own form of the New York BitLicense with Bill AB-1326. The legislation will remain untouched until next year, when authorities may revisit the Bill and try to introduce it again. California Lawmakers Stop....
The Bitcoin Foundation has issued an incredibly detailed response to the cease and desist letter it was sent by the Department of Financial Institutions (DFI) in California. According to the DFI's letter, which was sent on May 30, the Bitcoin Foundation requires licensure as a money transmitter under California law. "The California state DFI said this was an invitation to talk. I've received nicer invitations, but we took it then as an opportunity to engage in a discussion about what we think the issues are and how we think the law agrees," Patrick Murck of the Bitcoin Foundation told....
An article on Forbes.com by Bitcoin Foundation Board Member and Secretary Jon Matonis announced today that the Bitcoin Foundation had been the recipient of of a "cease and desist" letter from the State of California's Department of Financial Instututions(DFI). The letter alleges that the "BitCoin Foundation" is operating as a money transmitting business without "proper authorization." It proceeds to threaten "APPROPRIATE ACTION" if the Foundation fails to "CEASE AND DESIST FROM CONDUCTING THE BUSINESS OF MONEY TRANSMISSION" in the State of California, and requires a response in writing....
The bitcoin community was reeling over the weekend, after it was revealed that California's state financial regulator had issued a cease and desist order against the Bitcoin Foundation. The cease and desist order was dated May 30, one and a half weeks after the Bitcoin 2013 conference in San Jose. The letter said that the Bitcoin Foundation may be a money transmission business (MTB), and threatened it with fines and jail time. Jon Matonis, who is a board member at the Foundation, revealed the letter in his Forbes column over the weekend. The letter threatens the Foundation with penalties....