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California Passes a Bill to Define Digital Assets

4y ago
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One of the desires of the participants in the cryptocurrency space is widespread adoption of cryptocurrencies as well as blockchain technology. Numerous individuals, agencies, and organizations have been calling for clear regulations that will enhance trust in the industry and authorities have started attending to these.

In California, a bill related to digital assets has just been passed  by the Senate Banking and Financial Institutions Committee. The goal of the newly passed bill is defining digital assets and measuring their possible effect or influence on California and consumers.

The bill, known as Assembly Bill 2150 was sponsored by the state Assembly Majority Leader Ian Calderon (D-Whittier) and it seeks the supervision of a report by the Department of Business Oversight towards bringing clarity to blockchain technology and digital currencies, as well as their derivatives.

They expect the release of the report by January 1, 2022 and it will highlight the merits and demerits of digital currencies which will possibly affect the manner of integrating digital assets into the state’s economy.

The emergence of the bill in the state is critical as there has been a rise in the number of businesses related to cryptocurrency. According to a board member of Blockchain Advocacy Coalition (BAC) and likewise a keen adherent of the bill, Ben Weiss, the bill is a step towards the facilitation of an innovative business climate in California, without putting consumer protections in jeopardy.

Weiss thinks the state’s regulatory approach will influence the world as California is a giant economy. He thinks California will lead the U.S. federal government as it is yet to offer clear regulations. Failure to do anything about it now will continue to make California lose much-needed businesses and jobs to nations that have acted swiftly in the sector.

U.S. federal regulators, including the Commodity Futures Trading Commission (CFTC), introduced regulations that are bullish on cryptocurrency and digital assets in the first half of this year.

The post California Passes a Bill to Define Digital Assets appeared first on Crypto Press.

4y ago
bullish:

2

bearish:

0

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