California Takes Positive Bitcoin Step – Aims to Support BTC Holders

The California State Assembly has formally introduced AB-1052, a bill that aims to clarify self-custody rights for Bitcoin and other cryptocurrencies.

The legislation also aims to prevent public institutions from imposing payment restrictions and prohibits public officials from issuing, sponsoring or promoting any digital asset, security or commodity.

The bill, called “Bitcoin Rights,” was introduced by Assemblyman Juan Carrillo Valencia, who chairs the Banking and Finance Committee. The bill’s introduction to the public was confirmed in a statement by the nonprofit advocacy group Satoshi Action Fund on social media platform X.

“We are proud to officially announce the introduction of ‘Bitcoin Rights’ by the Chairman of Banking and Finance in the California Assembly,” said Assemblyman Valencia. “When passed, this legislation will protect the right to self-storage for nearly 40 million Americans!”

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AB-1052 outlines several key provisions designed to strengthen protections for digital asset users, including explicitly affirming the right to self-custody Bitcoin and other digital assets.

One notable aspect of the legislation is the inclusion of a framework for managing unclaimed digital assets. Under the bill’s guidelines, such assets will be handled by licensed custodians rather than left in administrative limbo.

Another important aspect of AB-1052 is its amendment to the Political Reform Act of 1974. The proposed amendment would prevent public officials from issuing, supporting or promoting digital assets, securities or commodities.

*This is not investment advice.

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