EFF Lauds Withdrawal of California Bitcoin Regulation Bill
The Electronic Frontier Foundation lauded California Assembly Banking and Finance Committee Chairman Matt Dababneh's withdrawal of AB-1326, which would have altered the state's regulation of bitcoin and other currencies. The bill, which included amendments seen as requiring a wide swath…
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of digital currency users to register with state agencies, “does not meet the objectives to create a lasting regulatory framework that protects and allows this industry to thrive in our state,” said Dababneh, a Democrat, in a statement. “More time is needed and these conversations must continue in order for California to be at the forefront of this effort.” Dababneh previously withdrew AB-1326 from consideration at the close of last year's legislative session, during which EFF first opposed the bill (see 1508180057). The group is “grateful” that Dababneh “recognized there were problems with the legislation and put the brakes on sending it through the legislature as its session winds down,” said legal fellow Aaron Mackey in a blog post Thursday. “The bill demonstrates that there are still too many technical and policy gaps in the current thinking about digital currencies and the need for regulation.” EFF “continues to believe that before lawmakers anywhere consider legislation regulating digital currencies, they need to better understand the technology at issue as well as demonstrating how the legislation actually benefits consumers,” Mackey said.