California wants to get its own BitLicense as New York have, but the Bitcoin Foundation preferes to stop it from getting its own release of such license. The California Bitcoin License bill was named as AB1326. Since last year, where was the first reading of this bill, it has had some changes in the assembly and senate. So today, it is just waiting for a second reading by Senate.
However, people in Bitcoin community noted that this California Bitcoin License bill has a huge opportunity to decrease capability of supporting Bitcoin and cryptocurrency startups in the state. Colin Gallagher, the chair of Bitcoin Foundation Education Committee, is one of the opponents who voted against such bill in California and wanted to make a petition opposing it because she believes that the new version of the California Bitcoin License bill is actually worse than before.
It states on the petition’s page:
“Unfortunately, the bill’s language is so indefinite that it is hard to understand what companies even count as cryptocurrency and digital currency businesses.”
So if AB1326 bill will be signed into law, all the companies and even big corporations that work with Bitcoin or other cryptocurrencies must be dealing with comprehensive paperwork and several legislation hurdles.
Bitcoin and blockchain technology as well as other cryptocurrecies, but of course not all of them, have a strong capacity to affront the government control and conformist fiscal systems too. Some people all over the world speak about the ability of Bitcoin to be used in terrorist financing and money laundering and in other unlikely ways. These all makes government to create special control of Bitcoin or other cryptocurrecies.
Of course, with these controls, businesses that work with cryptocurrencies closely can be exposed to more red tape, which is where the New York BitLicense and could appear with California Bitcoin License too.
In spite of the fact that these bills may be used for people protection from losing their funds, we should mention that bitcoin needs to be further investigated and developed. If bitcoin is to continue being examined, bitcoin startups are likely to reach a stymie as they look elsewhere to start their bitcoin companies.