Bitcoin Regulation Bill Approved by Californian State Assembly
California's State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks. Formulated by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour. Currently undergoing review by California's Senate - having already completed the first of three readings - if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the....
Related News
The bill once, approved by Governor Kathy Hochul, would make New York the first state in the U.S to put a moratorium on crypto mining. The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state.The PoW mining ban bill was first passed by the state assembly in April last month. It aims to prohibit any new mining operations in the state for the next two years. Now, the bill is headed for the governor’s office, which once approved, would make New York the first state in the United States to....
The NY state assembly needs to approve any bill or propose amendments before it can be signed into law by Governor Andrew Cuomo. A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature.New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week. The bill was aimed at establishing “a moratorium on the operation of cryptocurrency mining....
California Assembly Bill 129, a bill that would deem digital currencies 'lawful money' in the US state, will now head to the desk of California Governor Jerry Brown where it will require final approval to become law. The announcement comes just weeks after AB-129 came before the California Senate Banking and Financial Institutions Committee, passing by a 7-1 vote. AB-129, authored by Assembly Member Roger Dickinson, would recognize digital currencies - along with a host of other commonly-issued forms of value including points and coupons - as lawful alternatives to the US dollar. The....
The Californian state assembly is considering legislation that would require all “virtual currency” businesses to acquire a US$5,000 license to operate legally. Seeking to extend its existing legislation around businesses transmitting consumer money, the West Coast state is now looking to include “virtual currency” companies from the cryptocurrency sector in the regulations. Drawing strong comparisons to the BitLicense proposal currently working its way through the New York legal system, the proposed legislation in Bill AB-1326 describes its purpose as follows. “This bill would prohibit a....
New York may soon add another chapter to its already strict crypto regulation playbook. Assembly Bill 8966, introduced by Democratic Assembly member Phil Steck, proposes a 0.2% excise tax on all crypto and NFT transactions, including Bitcoin, Ethereum, and stablecoins. If approved, the crypto tax would take effect on September 1, applying to both individuals […]