California empowers 40M with ‘Bitcoin Rights’ in groundbreaking Digital Assets Bill

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California’s Crypto Craze: 40M Residents Get “Bitcoin Rights” in Groundbreaking Bill!

California empowers 40M with ‘Bitcoin Rights’ in groundbreaking Digital Assets Bill

  • AB 1052 recognizes digital assets as legal payment and protects crypto self-custody rights.
  • The bill bars public officials from promoting digital assets with potential conflicts of interest.

Well, well, well! Looks like California is going all in on crypto, folks! 🤑 They’re about to make their nearly 40 million residents the first in the U.S. to get “Bitcoin Rights”! 🚀

Get ready for a major shift in the way they think about Bitcoin [BTC] and crypto ownership rights. The “Money Transmission Act” has been renamed to “Digital Assets,” and it’s a game-changer.

Assembly member Avelino Valencia made the changes on March 28th, and let me tell you, it’s a doozy! The bill now affirms self-custody as a legal right, and designates Bitcoin and other digital assets as valid forms of payment in private transactions.

Key protections under California Bill AB 1052

So, what does this mean for you and me? Well, under the revised bill, individuals and businesses across California can accept crypto as payment for goods and services, and it’s recognized as legally valid! 📈

Public entities can’t restrict or tax digital assets just because they’re used as payment. And, Californians can store their digital assets using hardware or self-hosted wallets without any interference. 🤖

But wait, there’s more! The legislation also introduces a firm line on ethical conduct by banning public officials from promoting or sponsoring digital assets in ways that present conflicts of interest. 🚫

This move is designed to enhance trust in how government engages with emerging financial technologies. And, if a crypto account remains inactive for over three years, the assets may escheat to the state. 🤯

But don’t worry, folks! Holders must transfer the digital property and its private keys, if available, to a qualified custodian designated by the state controller by 2027. 🕒

Dennis Porter, CEO of Satoshi Action Fund, emphasized the bill’s broader implications, stating, “If Bitcoin Rights passes here, it can pass anywhere.” 🚀

Aligning with a national shift

California joins states like Texas and Kentucky in passing pro-Bitcoin legislation, as crypto-friendly bills reach nearly 100 across 35 states. 🌈

The bill’s clarity around digital asset rights may also attract further institutional interest to California, home to Ripple, Solana Labs, and Kraken. 🏢

Bitcoin price update

Bitcoin traded just above $81,400 at press time, slipping 1.3% in the past 24 hours. 📉

While price action remains choppy following last week’s peak of $83,500, institutional sentiment appears strong as legislative clarity grows across key U.S. markets. 📊

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2025-03-31 20:11