A changed account of California that proposes protection for payments for digital assets and self -coasts is waiting for his first reading in the state legislator.
The chairman of the California Banking and Finance Committee Avelencia was changed on 28 March Assembly Bill 1052Removing the original title “Money Transmission Act” and renaming as “digital assets”.
The revisions fold a wide slate of digital asset-related protection, which effectively reformed the focus of the account.
If adopted, the bill would make it legal for a person or company in the state to “accept payment in the form of a digital financial active” for goods or services.
It also clarifies that digital assets used for private transactions are treated as “valid and legal consideration”. In the meantime, public entities would be excluded from limiting or taxing the use of crypto purely based on its status as a payment method.
However, the bill makes it clear that it does not require state or local authorities to accept digital assets as payment yourself.
Another important addition protects crypto self-herb, forbidding each public entity to set limits or “to impose any requirements on the use of hardware or a hosted wallet” to manage digital assets.
AB 1052 is also not claimed from non -disposed of. If a digital asset account remains untouched for three years, it would ‘estimate the state’, where the holder is needed to actively transfer it to a certificate designated by the State.
In an attempt to prevent conflicts of interest, the bill expands the political reform law of the state. It would block civil servants to publish, sponsor or “promote” a digitally active, security or goods and forbid them to enter into a transaction that “creates conflicts of interest with their public tasks.”
AB 1052, originally introduced in February, is currently in the desk process and awaits the first reading in the California State Assembly.
Just like Crypto, the proposed legislation receives more regular political support in California. As previously reported by crypto.news, the state of Senator Ben Allen recently supported Dom Bei, a pro-bitcoin candidate for a seat on Calpers, the largest public pension fund in the nation.
A study conducted by Toluna on behalf of Crypto Exchange Coinbase in February showed that almost 80% of California crypto holders would support a pro-Crypto-political candidate.
