California’s BitLicence

California are in the midst of fine tuning A.B. 1326, a regulatory framework on virtual currency introduced by Assembly member Matthew Dababneh on Feb. 27 2015. The regulation is similar to that of New York’s controversial BitLicense, it aims to protect consumers within the digital currency industry.

– Bill AB 1326

In a similar reaction to the BitLicence, many in the industry are concerned this law may place unreasonable constraints on innovation. The Electronic Frontier Foundation (EFF), a California based nonprofit organization defending civil liberties in the digital world, have been highly critical of the new regulation.

– The Electronic Frontier Foundation (EFF)

The EFF was founded in 1990, in an effort to spearhead user privacy, free expression, grass roots activism, innovation through impact litigation and technological development. “We work to ensure that rights and freedoms are enhanced and protected as our use of technology grows.”

In an article on the organisation’s website, they outline their points of contention with the proposed bill. “While we sympathize with the ideals behind the legislation—protecting consumers—we fear this bill will have unintended long-term consequences that hurt consumers more than it helps.”

Source

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