- The bill intends to safeguard people’s right to use cryptocurrency for payment and self custody, giving them complete control of their digital assets without excessive limitation
- Regulatory Clarity and Safety, setting up legal safeguards, the bill hopes to offer more defined guidelines for companies and users, limiting potential danger in the crypto environment.
- The bill calls for the utilization of blockchain and cryptocurrency by allowing a more friendly and secure context for digital assets transactions to thrive in the state of California.
What The New Right Bill States?
The California State Assembly has brought forth the Bitcoin Rights Bill, known as AB 1052, with the purpose of legally safeguarding self custody of digital assets. The bill was brought forth by Juan Carrillo Valencia, Chair of the Assembly Banking and Finance Committee, and was officially revealed on March 29 by the Satoshi Action Fund nonprofit organization on social media platform X.
AB 1052, originally introduced in February, is currently in the desk process, awaiting its first reading in the California State Assembly.
AB-1052 contains several provisions to safeguard digital asset users. It clearly enshrines the right to self custody Bitcoin and other digital assets, prohibits government agencies from levying taxes or restrictions on the sole basis of asset use for payments, and creates a legal framework for dealing with unclaimed digital assets, providing assurance that they are dealt with by authorized custodians.
Moreover, the bill also proposes to modify the 1974 Political Reform Act in order to prohibit public officials from issuing, sponsoring, or endorsing any digital assets, securities, or commodities with the intent of limiting political influence on new financial technologies.
California’s Political Support On The Market.
The legislation comes at a time when crypto is also receiving more mainstream political support in California. As crypto.news has previously reported, State Senator Ben Allen recently supported Dom Bei, a Bitcoin supporting candidate running for a position on CalPERS, the country’s largest public pension system.
A survey of California crypto owners conducted by Toluna for crypto exchange Coinbase in February found that almost 80% of California crypto owners would vote for a pro-crypto political candidate.
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