The California State Assembly has introduced bill AB-1052, aiming to clarify self-custody rights for Bitcoin and other cryptocurrencies.
AB-1052 Initiative
The bill, called 'Bitcoin Rights,' was introduced by Assemblyman Juan Carrillo Valencia, who chairs the Banking and Finance Committee. In a statement from the nonprofit Satoshi Action Fund on social media platform X, the public introduction of the bill was confirmed. 'We are proud to officially announce the introduction of “Bitcoin Rights” by the Chairman of Banking and Finance in the California Assembly,' said Valencia.
Key Provisions of the Bill
AB-1052 outlines several key provisions designed to strengthen protections for digital asset users, including explicitly affirming the right to self-custody Bitcoin and other digital assets. The bill also includes a framework for managing unclaimed digital assets, which will be handled by licensed custodians rather than left in administrative limbo.
Policy Changes and Impact
Another important aspect of AB-1052 is its amendment to the Political Reform Act of 1974. The proposed amendment would prevent public officials from issuing, supporting, or promoting digital assets, securities, or commodities. This initiative aims to prevent public institutions from imposing payment restrictions.
The introduction of AB-1052 in California could significantly strengthen legal guarantees for cryptocurrency users, protecting self-custody rights and preventing government interference in this emerging economic sector.
