California Delays Efforts to Regulate Bitcoin Businesses
California's legislature has once again shelved a plan to regulate businesses in the digital currency industry. Reintroduced after nearly a year of dormancy earlier this month, Assembly Bill 1326 has now been referred back to the state's Rules Committee and Banking and Finance Committee – effectively freezing its progress. Word first emerged on Friday that the measure would be delayed, and a representative for the Banking and Finance Committee has since confirmed to CoinDesk it will not be heard in the legislature again this year. She said: "It's being delayed for this year." The....
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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....
Although home to a sizeable majority of the burgeoning bitcoin industry, California has been relatively quiet on the subject of whether it will seek to regulate digital currency businesses. However, this could soon change, according to new statements from California's Department of Business Oversight (DBO), the state's financial services and money transmitters regulator. Speaking to CoinDesk, spokesperson Tom Dresslar confirmed his agency intends to hold a meeting in mid-December that could determine if and when California will decide to clarify the actions the bitcoin industry must take....
California's financial services and money transmitters regulator did not rule on whether it would regulate bitcoin at a scheduled December meeting. The meeting of California's Department of Business Oversight (DBO) was first revealed in early December by Bloomberg. Though details were scarce, spokesperson Tom Dresslar said at the time that the state was seeking to determine whether regulating bitcoin and digital currencies was in the best interest of consumers. Dresslar told CoinDesk that though no action was taken at the meeting, the DBO still expects to come to a decision regarding when....
California Governor Gavin Newsom has vetoed a bill to regulate crypto in his state. He stressed that “a more flexible approach is needed” to “keep up with rapidly evolving technology and use cases” in the crypto sector.
Bill to Regulate Crypto in California Vetoed by Governor Newsom
The governor of the U.S. state of California, Gavin Newsom, vetoed a number of bills Friday, including Assembly Bill 2269 (AB 2269) which will establish a licensing and regulatory framework for cryptocurrency.
Assembly Bill 2269, titled “Digital financial....
The state assemblyman behind efforts to regulate digital currency businesses in California cited the $65m hack of Bitfinex this week as evidence of the need for tighter industry controls. In a statement issued following his state's decision to temporarily shelve further regulatory deliberations this year, he said that more time was needed to strike a balance between giving virtual currency businesses a firm foundation and ensuring consumers are protected. Assemblyman Matt Dababneh said in the statement: "Today, a user of virtual currency has no protection from loss, and businesses....