California’s Groundbreaking Bill: Buckle Up for Bitcoin Rights!

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Well, gather ’round, folks! California’s Assembly has decided it’s high time to put their foot down on cryptocurrency shenanigans with the newly minted AB-1052—once known as the Money Transmission Act. A name that sounds as thrilling as watching paint dry, but bear with me.

The bill is steered by none other than the illustrious Democrat Avelino Valencia, the mastermind behind California’s Banking and Finance Committee. Apparently, he’s on a mission to protect cryptocurrency users, loveable oddities that they are, who wish to clutch their digital assets tighter than a toddler with a favorite stuffed llama.

AB-1052

Buckle up, because according to the ever-reliable Satoshi Action Fund, this bill gives a green light to self-custody of Bitcoin and other digital treasures. Yes, you read that right—no more meddling from the government, which is tantamount to telling a toddler they can’t have cookies before dinner. They’re really not too thrilled about that one!

And as if that weren’t enough to draw your attention like a cat to a laser pointer, the bill also bans public agencies from tossing taxes or restrictions just because someone decided to make an ironic payment with their Bitcoin in an online ninja bread-making class.

But wait, there’s more! The bill has got a measure in place to ensure unclaimed digital property doesn’t end up in some digital Bermuda Triangle. Instead, it’s supposed to be managed by licensed custodians, because nothing screams ‘trustworthy’ like a suit and tie amidst a pile of digital entities.

And for those of you who harbor doubts about our noble public officials, fear not! The bill extends the Political Reform Act of 1974—yes, a relic older than some of you—to stop politicians from trading or endorsing digital assets. This is like adding a leash to a particularly rowdy puppy, but we’ll take what we can get.

Following some amendments made on March 28, the bill is now undergoing the “desk process.” Sounds fancy, doesn’t it? It’s just a bureaucratic way of saying they’re shoving it under the pile of paperwork!

If California gives a thumbs-up to AB-1052, it’ll mean that the self-custody rights of the Golden State’s whopping 40 million inhabitants will be as protected as a secret recipe for grandma’s cookies.

Bitcoin Reserve Bills Gain Traction Across US States

In the meantime, several states are trotting along, hoping to saddle Bitcoin into their state reserves. Apparently, 95 gloriously overenthusiastic Bitcoin-related bills have sprouted across 35 states, with a daring 36 of those still active—like enthusiastic toddlers at a candy store!

Arizona, Oklahoma, and Texas are waving their flags high, tracking their progress with all the excitement of a triumphant sports team, courtesy of Bitcoin Law’s dashboard—yes, that’s actually a thing!

Arizona, for instance, is making waves with its SBR bills, having completed the ceremonial first committee stage. Oklahoma and Texas, however, are still at the starting line—perhaps deciding on their shirt colors for the occasion!

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2025-04-01 01:24