Last week, California legislators introduced an amended AB 1326, which substantially changed California’s proposed bill addressing procedures and regulations of digital currency businesses. After a second reading in the California Senate, this bill has been re-referred to the Committee on Banking and Financial Institutions for additional comment. See California Legislative Status on AB-1326. Industry leaders, including this blog, expressed concerned last week that the proposed bill was being fast-tracked without a meaningful discussion of the substantial changes to the bill or the impacts the changes may have in practice on digital currency businesses. This week, the bill has been withdrawn from consideration for this legislative session. We will keep you posted on additional updates, but the most current information about this bill is that it will no longer be pursued this year.
Our original post can be found here.