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Coinpaper 2025-03-31 17:49:54

The Right to Self-Storage of Bitcoin: New Amendments to California Law

The Right to Self-Storage of Bitcoin: New Amendments to California Law

The changes have the potential to positively impact the state's 39.4 million residents. Assembly Bill 1052, originally introduced on February 20, 2025 as the Money Transfers Act, was significantly amended on March 28 by Banking and Finance Committee Chairman Avelino Valencia. The document now includes a number of provisions protecting the rights of investors in bitcoin and other cryptoassets. The amendments completely change the name of the bill - instead of ”Money Transfers Act,” it is now called ”Digital Assets.” ”California often sets a nationwide legislative vector, and if the Bitcoin Rights Act passes here, it could pass anywhere,” Satoshi Action Fund CEO Dennis Porter said on March 30. ”Once passed, this law will guarantee nearly 40 million Californians the right to self-store digital assets without fear of discrimination,” he emphasized. Expanding the legal framework The bill also recognizes the use of digital financial assets as a valid and legitimate form of payment in private transactions and prohibits government agencies from imposing restrictions or taxes on digital assets based solely on their use as a means of payment. The document also expands on the California Political Reform Act of 1974 by prohibiting public officials from issuing, sponsoring or promoting digital assets, securities or commodities. ”A public official shall not engage in any transaction or activity involving digital assets that creates a conflict of interest with his or her public duties,” reads a section of AB 1052. The bill is now officially introduced and awaiting first reading. According to BTC Maps, there are now 99 merchants in California that accept bitcoin payments. Among the largest cryptocurrency companies based in California are Ripple Labs, Solana Labs and Kraken. On February 2, 2025, California also introduced the Stablecoin Bill on February 2, 2025, which seeks to clarify the requirements for stackcoin collateral, liquidation processes, redemption and settlement mechanisms, and security audits. Bitcoin is in the spotlight with U.S. lawmakers According to Bitcoin Law , 95 bitcoin-related bills or measures have already been introduced at the state level in 35 states, including 36 still-active bitcoin reserve bills. The Texas Senate passed a strategic bitcoin reserve bill on March 6 by a vote of 25-5, and Kentucky Governor Andy Beshear signed the Bitcoin Rights Act into law on March 24. Earlier this month, U.S. President Donald Trump signed an executive order creating the Bitcoin Strategic Reserve and Digital Asset Reserve, which will initially use cryptocurrency seized in government criminal cases.

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