California Passes Digital Asset Regulatory Bill At Senate Committee

Ian Calderon (Courtesy: California Globe)
Ian Calderon (Courtesy: California Globe)

In California, a bill that would begin feasibility studies into regulating and classifying the virtual currency industry passed the Senate Banking and Financial Institutions Committee unanimously 7-0, reported.

Meanwhile , the citizens from the state, who support the Assembly Bill 2150 said that the bill is a vital step to bring more innovative companies into California and would influence the United States government to make similar actions.

“AB 2150 is a step towards fostering an innovative business climate in California, without jeopardizing consumer protections,” noted Blockchain Advocacy Coalition (BAC) board member Ben Weiss. “California is a giant economy whose regulatory approach will have impacts worldwide. The state will lead the federal government that is slow to provide regulatory clarity. If we don’t act now, we will continue to lose much-needed businesses and jobs to countries that have moved quicker in this sector.

“AB 2150 will help set up California as a hub for the burgeoning cryptocurrency and blockchain industry by encouraging virtual currency businesses to operate in the state, encouraged by regulatory clarity. Because the federal government has yet to provide a clear taxonomy of digital assets, regulatory uncertainty has caused many businesses to leave the United States, taking jobs and innovation with them.”

Supporters also agreed with Weiss and said that to be successful they need to make the language into layman’s terms so that it could be understood by all legislators.