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California’s Crypto Bill: A Legal Love Affair or Just Another Fad?

BBG News

Ah, California! The land of sun, surf, and now, it seems, a rather dashing new bill that’s strutting its stuff through the state legislature. Yes, my dear friends, an amended California bill is making waves, proposing protections for digital asset payments and self-custody. How positively thrilling! 🌊

On the 28th of March, the illustrious chair of the Banking and Finance Committee, Avelino Valencia, took a bold step. He waved his magic wand and transformed Assembly Bill 1052 from the rather drab “Money Transmission Act” into the much more glamorous “Digital Assets.” One can only imagine the confetti! 🎉

These revisions are not just a mere sprucing up; they’re a complete makeover, darling! The bill now boasts a dazzling array of digital asset-related protections, effectively reshaping its focus like a skilled couturier at Paris Fashion Week.

If this bill sashays its way to approval, it will allow any individual or business in the Golden State to accept payment in the form of a digital financial asset for goods or services. How modern! It’s as if we’ve leapt straight into the future, where cash is but a quaint memory. 💸

Moreover, it clarifies that digital assets used in private transactions will be treated as “valid and legal consideration.” Meanwhile, public entities will be firmly told to keep their noses out of crypto’s business, barred from restricting or taxing its use simply because it’s a bit avant-garde. How very progressive! 🕶️

But hold your horses! The bill does not obligate state or local governments to accept digital assets as payment. So, don’t go expecting your local café to start accepting Bitcoin for your morning latte just yet. ☕️

Another delightful addition to this legislative cocktail is the protection of crypto self-custody. Public entities will be prohibited from imposing any limits or requirements on the use of hardware or self-hosted wallets. It’s like giving a child a cookie jar and saying, “Help yourself, darling!” 🍪

AB 1052 also dips its toes into the murky waters of unclaimed property laws. If a digital asset account remains untouched for three years, it will “escheat to the state.” Yes, you heard that right! The holder must transfer the asset to a state-designated custodian. How charmingly bureaucratic! 📜

In a bid to keep things above board, the bill expands the state’s Political Reform Act. It will prevent public officials from issuing, sponsoring, or promoting any digital asset, security, or commodity. No conflicts of interest here, thank you very much! It’s all very proper, isn’t it? 🎩

Originally introduced in February, AB 1052 is currently in the desk process, eagerly awaiting its first reading in the California State Assembly. One can only hope it doesn’t get lost in the shuffle of legislative paperwork!

This proposed legislation arrives just as crypto is gaining a rather fashionable political backing in California. State Senator Ben Allen has recently thrown his support behind Dom Bei, a pro-Bitcoin candidate vying for a seat on CalPERS, the nation’s largest public pension fund. How delightfully modern! 🏦

And let’s not forget the study conducted by Toluna on behalf of crypto exchange Coinbase, which found that nearly 80% of California crypto holders would support a pro-crypto political candidate. It seems the winds of change are blowing, and they smell suspiciously like digital currency! 💨

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2025-03-31 11:38

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