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California Lawmaker Adds Bitcoin and Crypto Rights To Digital Assets Bill
A California lawmaker has introduced a bill to expand the scope of the state’s Political Reform Act of 1974. The proposed legislation, Assembly Bill 1560 (AB 1560), aims to protect investors and create clear regulatory guidelines for digital assets such as cryptocurrencies like Bitcoin.
Assemblyman Vince Valencia, the author of the bill, has added several key provisions aimed at promoting transparency and investor protection in the cryptocurrency space. Under this new law, a public official will be prohibited from issuing, sponsoring, or promoting any digital asset, security, or commodity.
One of the most significant changes proposed by AB 1560 is to expand the scope of the Political Reform Act of 1974 to explicitly prohibit public officials from engaging in activities that promote digital assets. This move is designed to prevent potential conflicts of interest and ensure transparency in financial dealings.
According to a recent report, California has taken strides in the past year to develop a clear regulatory framework for cryptocurrencies within the state. In addition to AB 1560, Senator Tim Grayson introduced Senate Bill 97 (SB 97) earlier this year with the goal of amending the Digital Financial Assets Law.
This revised legislation aims to provide more comprehensive guidelines for stablecoin approval by the Commissioner of Financial Protection and Innovation. The bill requires a thorough examination of the issuer’s legal rights, potential risks, and any claims made about the stablecoin’s uses.
In recent news, Arizona has also advanced a bill that intends to expand the state’s definition of legal tender to include cryptocurrencies like Bitcoin and other digital assets alongside traditional currencies.
As for the Strategic Bitcoin Reserve (SBR) initiative, two bills are now awaiting a final vote by the full House of Representatives. At present, there are 27 ongoing state-level SBR initiatives across the United States, with Oklahoma and Texas tied as second in terms of progress in the legislative process.
Source: https://bitcoinist.com/california-lawmaker-adds-bitcoin-and-crypto-rights-to-digital-assets-bill/
