California bitcoin bill dropped after EFF opposition

Regulation | August 19, 2016 By:

California’s legislature has officially ceased further plans to adopt cryptocurrency legislation this year.

Reintroduced after nearly a year of dormancy earlier this month, Assembly Bill 1326 has now been referred back to the state’s Rules Committee and Banking and Finance Committee – effectively freezing its progress.

Cryptocurrency advocates working with lawmakers have vehemently opposed the latest trial. The opposition most notably came from Jerry Brito’s Coin Center, among other Internet activists, such as the nonprofit group the Electronic Frontier Foundation (EFF).

“Unfortunately, the current bill in print does not meet the objectives to create a lasting regulatory framework that protects consumers and allows this industry to thrive in our state. More time is needed and these conversations must continue in order for California to be at the forefront of this effort,” said Assemblymember Matt Dababneh, the author of the bill.

Statements from representatives of the legislature suggest that the bill, at least in some form, will return during the legislative session next year.