#USCryptoWeek
It seems like you're referring to crypto developments in the US, specifically California. California has been making significant strides in cryptocurrency regulation and adoption. Here are some key updates ¹ ² ³:
- *California's Crypto-Friendly Legislation*: The state has passed Assembly Bill 1052, also known as the "Bitcoin Rights" bill, which protects individuals' right to self-custody their digital assets and prohibits public entities from imposing discriminatory taxes or restrictions on crypto payments.
- *Crypto Payments for State Services*: California's Assembly has unanimously approved Assembly Bill 1180, allowing government departments to accept cryptocurrency payments under a pilot program. This bill aims to establish regulations for crypto payments and requires the Department of Financial Protection and Innovation to report on transaction volumes and technical challenges.
- *Regulatory Framework*: California's Digital Financial Assets Law requires businesses serving California residents to obtain licenses, maintain capital reserves, and implement robust anti-money laundering procedures. The law also exempts transactions valued at $50,000 or less per year from licensing requirements, providing relief for smaller market participants.
- *Protection for Self-Custody*: The new law does not apply to self-custodied wallets, meaning users who control their own private keys remain unaffected. Unclaimed cryptocurrencies will be preserved in crypto form, not converted to fiat, and will be transferred to a state-approved custodian.
- *Upcoming Implementation*: The licensing requirements for crypto businesses will take effect on July 1, 2026, providing businesses ample time to align with the updated regulations.
These developments demonstrate California's efforts to balance innovation and protection in the cryptocurrency space.
