Explained
California’s SB 822 ends forced crypto sell-offs and requires holders to send in-kind transfers of unclaimed crypto to the state, promoting stronger consumer rights.
California News
California is one of the fifty US states located on the West Coast of the country. It is the first state in the USA in terms of GDP and is popular for its climate and multinational composition of its population. California is also famous because of Silicon Valley, which is the world’s center for digital technologies, the electronic industry and scientific research. In terms of Bitcoin in California, authorities are in the process of approving California’s Bitcoin License so that it can be possible to regulate operations using cryptocurrency. Using Bitcoin in California is definitely legal. However, getting this license will have a higher cost relative to other states. In addition, because of the high density of leading technology companies, Bitcoin conferences in California are quite frequent events that host famous cryptocurrency experts and speakers.
- Analysis
California’s new law states that abandoned Bitcoin can’t be immediately sold by the state, which may ease recovery and lower burdens on exchanges.
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The laws will likely impact social media companies and websites offering services to California residents, including minors, using AI tools.
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Ian Calderon, a former California lawmaker and Bitcoiner, started his campaign for California governor as a long shot among several established candidates.
3617 - Explained
How TRUMP, DJT and WLFI clash with California’s crypto rules and why Newsom teased a “Trump Corruption Coin.”
- News
California Governor Gavin Newsom says his planned memecoin is meant to expose the absurdity of Trump’s crypto ventures.
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Rowland Marcus Andrade was sentenced to seven years in prison for making the cryptocurrency AML Bitcoin, which defrauded investors out of $10 million.
4380 - Newsletter
JPMorgan, Citigroup and Bank of America are all in the early stages of stablecoin development.
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The California Breakthrough Project held its first meeting at Ripple’s San Francisco headquarters, according to journalist Eleanor Terrett.
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The case marks California DFPI’s first enforcement action under the state’s Digital Financial Assets Law.
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The bill has seen contention online, but Satoshi Action Fund’s Eric Peterson says it updates the state’s unclaimed property laws so crypto doesn’t get liquidated.
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The California State Assembly passed a bill that would allow state agencies to accept crypto for payment in a unanimous 68-0 vote, which will now head to the Senate.
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California Democrat Avelino Valencia has amended a money transmission bill to make Bitcoin and crypto rights a major focus, potentially benefitting the state’s 39.4 million residents.
14271 - Explained
California’s DFPI crypto scam tracker lets users identify scams early and helps safeguard crypto assets from fraudulent activities.
- News
With the pending conclusion of the criminal case, the SEC could now move forward with civil litigation after a judge signed off on staying the lawsuit in January 2021.
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