A bill aimed at securing protections for digital asset payments and self-custody awaits its first reading in the California legislature.
Bill Amendments
On March 28, California’s Banking and Finance Committee chair Avelino Valencia revised Assembly Bill 1052, renaming it to 'Digital Assets.' The amendments encompass a wide range of protections related to digital assets, effectively reshaping the bill’s focus.
Impact on Digital Asset Use
If passed, the bill would legalize the use of digital financial assets as payment for goods and services in California. It also protects self-custody, barring public entities from interfering with the use of hardware or self-hosted wallets.
Political Influence and Support
With growing support for the crypto industry, the bill also expands the Political Reform Act to prevent conflicts of interest among public officials, prohibiting them from issuing, sponsoring, or promoting digital assets.
Bill 1052 highlights efforts to regulate digital assets in California and reflects the increasing interest in cryptocurrencies within political circles.
