🔴California Introduces Bitcoin Rights Bill to Protect Digital Asset Ownership

🔹️The California State Assembly has introduced a Bitcoin Rights Bill, known as AB-1052, which aims to provide legal protection for self-custody of digital assets. The bill was proposed by Juan Carrillo Valencia, chair of the Banking and Finance Committee in the Assembly, and was officially announced on March 29 by the nonprofit Satoshi Action Fund on the social media platform X.

AB-1052 includes several provisions to protect digital asset users. It explicitly recognizes the right to self-custody of Bitcoin and other digital assets, prohibits government agencies from imposing taxes or restrictions solely based on the use of assets in payments, and establishes a legal framework for dealing with unclaimed digital assets, ensuring they are managed by licensed custodians. Additionally, the bill seeks to amend the Political Reform Act of 1974 to prohibit public officials from issuing, sponsoring, or promoting any digital assets, securities, or commodities, with the aim of reducing political influence over emerging financial technologies.

🔹️Supporters of the bill believe it could serve as a legislative model for other areas. They suggest that California's adoption of AB-1052 could ignite a nationwide discussion around regulatory frameworks.