California has revised Assembly Bill 1052, originally the Money Transmission Act, to safeguard crypto self-custody rights and recognize cryptocurrencies as a payment method.
Strengthening Self-Custody and Payment Rights
One of the bill’s key provisions ensures that Californians can self-custody their Bitcoin and other digital assets without interference. This measure addresses growing concerns about potential regulatory crackdowns on self-hosted wallets. The bill also prohibits public entities from imposing discriminatory taxes or restrictions on crypto solely based on its use as a payment method.
Crypto-Friendly California Gains Traction
The bill comes as California's crypto scene thrives, with 99 merchants already accepting Bitcoin payments. The state is also home to major crypto firms like Ripple Labs, Solana Labs, and Kraken, making it a key industry hub. The push for crypto regulation in California mirrors broader national trends, such as Texas Senate's approval of a Bitcoin strategic reserve bill.
California's amended bill aims to strengthen self-custody rights in the crypto world, echoing national trends and aiding the industry's growth in the state.
