Bitcoin businesses asks the California senate to remove additional burdens from early-stage startups

Regulation | July 17, 2015 By:

BitGo, Bitnet, Blockstream, Chain, Gem, Mirror and Xapo, have drafted a letter to members of California’s Senate Banking and Financial Institutions Committee following the state’s most recent update of its proposed regulation for bitcoin and digital currencies.

The companies called on California to go a step further before the regulation is ultimately passed by updating certain language and removing additional burdens from early-stage industry startups.

The startups also called for additional clarification to language meant to deal specifically with multi-signature wallet technology, whereby the control of funds in a bitcoin wallet can be shared by multiple parties.

The letter ended on a more wide-reaching note, suggesting that California would be wise to communicate with the tech community as it works to bring new jobs and opportunities to state residents and job seekers.