The ongoing debate about the role of governments in regulating digital currencies isn’t going away anytime soon. While the dustup over New York’s BitLicense program continues, another front has opened up in California where a member of the state assembly has introduced a bill to regulate California’s digital currencies businesses.
The Washington, D.C.-based Coin Center and the San Francisco-based Electronic Frontier Foundation (EFF) each have lobbied hard against the New York Department of Financial Services attempts to regulate New York businesses with its controversial BitLicense program.
But with the proposed California law, the two organizations have taken two separate forks in the advocacy road, with Coin Center supporting the California legislation and EFF adamantly opposed.
Coin Center supports while EFF opposes proposed California law
Coin Center is now supporting the proposed California legislation, saying it is the best possible compromise under the circumstances and would prevent a worse law – the current money transmission law – from being the default in regulating bitcoin.
Peter Van Valkenburgh, director of research at Coin Center, told Bitcoin Magazine the proposed California law is a “model