California AB-1052 proposes key protections for Bitcoin and Digital Asset users

The California Assembly has taken important measures to regulate cryptocurrencies with the introduction of AB-1052, initially known as the Money Transmission Law.

The bill, led by the Democrat of California, Avelino Valencia, who presides over the Banking and Finance Committee, focuses on protecting cryptocurrency users, particularly those who seek to maintain control over their digital assets.

AB-1052

According to a update According to the prominent nonprofit defense organization Satoshi Action Fund, the key provisions of AB-1052 affirm the right to Bitcoin’s self-opposition and other digital assets, safeguarding people’s ability to maintain and administer their digital property without government interference. Meanwhile, the bill prohibits public agencies from imposing taxes or restrictions based solely on the use of these assets in transactions.

The bill also includes measures to ensure that unlisted digital property is safely handled by license custodians instead of staying in limbo. A remarkable addition to the bill extends the California Political Reform Law of 1974 to prevent public officials from participating in transactions or promoting digital assets. This aims to avoid conflicts of interest and maintain the integrity of public office.

The amendments were made on March 28, after the initial introduction of February. The bill is currently in the “desktop process” and awaits its first reading in the Assembly.

If promulgated, the legal framework of AB-1052 will protect the rights of Self-Custy from investors and users in California, which has an estimated population of 40 million residents.

Bitcoin reserve invoices gain traction in the US states.

Several US states are advancing the legislation destined to incorporate bitcoin into state reserves. The data suggests that 95 Bitcoin related invoices have been proposed in 35 states, with 36 of those bills centered on Bitcoin reserves still active.

Arizona, Oklahoma and Texas are among the states with continuous efforts, as traced by Bitcoins law panel On the progress of the strategic invoices of the Bitcoin Reserve (SBR).

Arizona SBR bills are progressing, with the first stage of the completed committee and the bills now in Chamber 2. Oklahoma and Texas, on the other hand, are still in the early stages of the legislative process.