A bill was introduced in February to California state legislature to regulate cryptocurrencies known as Assembly bill 129 which would legalize alternate currencies and coupons. Assemblymember, Roger Dickinson, introduced the bill even though he is not Bitcoin advocate. He merely wants to address sweeping changes that mobile and digital forms of payments are coming into use, as he explained in an interview with CoinDesk today.
Roger Dickinson was the chairman of Banking of Finance when an amendment was passed last year in California that would ‘remove barriers to market entry to start-up payment technology companies.’ The California Legislature passed a bill to reform the California Money Transmission Act.
Known as AB-129 Lawful money: ‘alternative currency’, passed assembly the same day last January that New York Department of Financial Services (NYDFS) director, Benjamin Lawksy, held public hearings on virtual currencies.
New York City is home to Wall Street and California is home to Silicon Valley, so it has become apparent that Bitcoin and the future of digital currency be addressed in legislation.
Dickinson wants to address what is happening in the future of alternative currencies. He explained the purpose of a bill: ‘It wasn’t so much setting out to look at the issue of alternative currency; it was more evolutionary, leading into the breadth of the subject matter that suggested to us you couldn’t ignore alternative currencies.’
He represents this evolutionary thought process in California as he explains it further, ‘we’re not trying to deter or advance the development of alternative currencies. We’re trying to say that to the extent that alternative currencies are developed and in use, we will consider that to be a legally acceptable activity in California.’
There were some legislative changes in California in 2009 regarding money transmission but Bitcoin has moved up the thought process and urgency to address the changes that are occurring and the future of alternative currency.
Dickenson states that despite whatever the future of Bitcoin is as a currency, the archaic laws of the past must be ready to address changes in currency in the future. For now the next step for the amendment is to pass the California Senate and then be signed by the Governor.
To view more information about Bitcoin see the list below in the Author's suggestions and the video atop this article from the Wall Street Journal's summary of why you should care about Bitcoin.
Twitter: Victoria Wagner@victoriaross888