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 This week, the bill has been withdrawn from consideration for this legislative session.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.

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Photo of J. Dax Hansen J. Dax Hansen

J. Dax Hansen helps innovators transform and adopt technology and financial services. He is a technology transactions and regulatory attorney who has pioneered blockchain, digital currency, payments, and fintech law.

Photo of Joseph P. Cutler Joseph P. Cutler

Joe Cutler’s litigation work focuses on combating cybercrime and enforcing website terms of use.

Laurie Rosini

Laurie Rosini, an attorney in the Technology Transactions & Privacy practice, focuses her practice on electronic financial services, blockchain technology and digital currencies, and privacy and data security. Laurie has experience reviewing clients’ products and services to ensure sound privacy policies, data security…

Laurie Rosini, an attorney in the Technology Transactions & Privacy practice, focuses her practice on electronic financial services, blockchain technology and digital currencies, and privacy and data security. Laurie has experience reviewing clients’ products and services to ensure sound privacy policies, data security practices and transaction processing. Laurie also counsels clients regarding the regulatory compliance issues facing electronic financial services businesses and virtual currency firms.