EddieJayonCrypto
1 Apr 25
The California Assembly has introduced AB-1052, focusing on regulating cryptocurrency to protect users' self-custody rights and prevent governmental interference in transactions. The bill also addresses the handling of unclaimed digital property and aims to prevent public officials from engaging in ...
The California Assembly has introduced AB-1052, focusing on regulating cryptocurrency to protect users' self-custody rights and prevent governmental interference in transactions. The bill also addresses the handling of unclaimed digital property and aims to prevent public officials from engaging in digital asset transactions to avoid conflicts of interest. Several US states are advancing legislation to incorporate Bitcoin into state reserves, with 36 active bills focused on Bitcoin reserves across 35 states. Arizona, Oklahoma, and Texas are among the states making progress in this area. California's Assembly has introduced AB-1052, initially known as the Money Transmission Act, with a focus on protecting cryptocurrency users, particularly those seeking to maintain control over their digital assets. The bill includes provisions affirming the right to self-custody of Bitcoin and other digital assets, prohibits public agencies from imposing taxes or restrictions based solely on the use of these assets in transactions, and ensures secure handling of unclaimed digital property by licensed custodians. Additionally, the bill extends California's Political Reform Act of 1974 to prevent public officials from engaging in transactions or promoting digital assets to avoid conflicts of interest. The bill is currently in the "desk process" and awaiting its first reading in the Assembly. In the realm of Bitcoin reserve bills, data suggests that 95 Bitcoin-related bills have been proposed across 35 states, with 36 bills focused on Bitcoin reserves still active. Arizona, Oklahoma, and Texas are among the states with ongoing efforts to incorporate Bitcoin into state reserves. Arizona's SBR bills are progressing, with the first committee stage completed and the bills now in Chamber 2, while Oklahoma and Texas are still in the early stages of the legislative process.