Crypto news

California Lawmaker Goes All In on Bitcoin Rights – You Won’t Believe What Happens Next!

BBG News

So, let me get this straight. A Californian lawmaker, Avelino Valencia, decides to throw Bitcoin (BTC) and crypto rights into the mix of his Assembly Bill 1052. I mean, what’s next? Are we going to start recognizing digital assets as valid forms of payment for pizza? 🍕

California Adds Bitcoin Rights To Digital Asset Bill

Valencia, the big cheese of California’s Banking and Finance Committee, has decided that crypto investors need some protection. Because, you know, they’ve been through so much. Initially, this bill was just about money transmission, but now it’s all about digital assets. It’s like a makeover show for legislation! “Look at this before and after!”

On March 28, he introduced the amended bill, which now has a snazzy new name: “Digital Assets.” It’s like he thought, “Let’s make it sound fancy!” Now it explicitly recognizes digital assets as a “valid and legal” payment method. Great! Just what we needed—more ways to spend our money! 💸

And get this: it prohibits public entities from taxing or restricting digital assets just because they’re being used as payment. Wow, what a revolutionary idea! Next, they’ll be telling us we can’t tax air! The Satoshi Action Fund is backing this bill, claiming it’ll guarantee nearly 40 million Californians the right to self-custody their digital assets. Because nothing says “freedom” like hoarding digital coins! 🪙

AB1052 also has a plan for unclaimed digital assets. You know, to prevent them from getting lost in “bureaucratic limbo.” Because we all know how well that works out. The legislation states that if you don’t show interest in your digital assets for three years, they’ll just go to the state. It’s like a game of hide and seek, but with your money! 🎭

And if you’re holding a private key for a digital asset account that escheats to the state, you’ll have to transfer it to a custodian. They’ll appoint someone by January 1, 2027. So, mark your calendars, folks! It’s a date! 🗓️

Lastly, the bill expands the Political Reform Act of 1974 to stop public officials from promoting digital assets. Because, you know, we wouldn’t want them to get any ideas about making money on the side!

US Lawmakers Advance Crypto Legislations

Meanwhile, in the wild world of US regulations, the SEC is finally taking a less hostile approach to crypto. It’s like they’ve decided to stop throwing rocks at the neighborhood kids and maybe join in the fun. Other states are also jumping on the crypto bandwagon, trying to create a clear regulatory framework. It’s like a race, but instead of running, they’re just throwing bills around! 🏃‍♂️💨

California isn’t the only one in the game. Tim Grayson introduced Senate Bill 97 to amend the Digital Financial Assets Law. It’s all about giving more guidelines for Stablecoin approval. Because who doesn’t love more guidelines? It’s like a buffet of regulations! 🍽️

Meanwhile, Arizona is trying to expand its definition of legal tender to include cryptocurrencies. They’re really going for it! It’s like they’re saying, “Why not throw Bitcoin in the mix?”

As of now, there are 27 state-level Strategic Bitcoin Reserve bills still alive in the US. Oklahoma and Texas are neck and neck in the legislative race. It’s like a reality show, but with less drama and more spreadsheets! 📊

Read More

2025-04-01 09:43

Previous post Tether’s Bitcoin Bonanza: $735M Spent, $8.2B Total! 💰🚀
Next post 💸 US Treasury’s Shocking Crypto Move? 🚀 XRP, Solana, Cardano in Reserves? 😱