Following New York’s BitLicense implementation a few months back, California is now drafting up its own bitcoin regulation as well. Not surprisingly, this drew plenty of opposition among cryptocurrency enthusiasts in the state.
Interestingly enough, there is also a split among those criticizing California’s bitcoin regulation. Last week, Coin Center executive director Jerry Brito tried to distance his organization from the Electronic Frontier Foundation (EFF) and the Copia Institute.
California Bitcoin Regulation Debate
Back when the draft of AB-1326 was filed in the Senate Committee on Banking and Financial Institutions, the EFF and the Copia Institute have expressed their stance on the legislation. The bill would require bitcoin companies to seek regulatory licenses for their operation, which could include several fees and administrative hurdles according to the EFF.
However, Coin Center clarified that it supports the EFF’s views on a certain level but the opposition isn’t practical if it pushes for a path that doesn’t see the bitcoin regulation implemented at all. “They’re asking that a bill doesn’t pass and praying that the California Department of Business Oversight (DBO)