In March 2025, California passed an amendment #数字资产法案 that incorporated the self-custody rights of cryptocurrencies, legal payment status, and the regulatory framework for public institutions into the core of the law, seen as a milestone in U.S. digital asset regulation. The bill, led by Democratic legislator Avelino Valencia, shifted from initially focusing on 'money transmission' to comprehensively protecting digital asset rights, clarifying that residents have the right to manage cryptocurrencies independently without relying on third-party custodial services, and prohibiting government agencies from imposing additional taxes or restrictions on cryptocurrency transactions.
Highlights of the bill include:
1. **Self-Custody Rights Protection**: Nearly 40 million California residents can legally hold and manage private keys, avoiding discrimination from using non-custodial wallets.
2. **Legalization of Payments**: Cryptocurrencies like Bitcoin are recognized as legitimate means of payment for civil transactions, encouraging merchants to adopt them (currently, 99 merchants support Bitcoin payments).
3. **Code of Conduct for Public Officials**: Officials are prohibited from promoting or participating in digital asset projects that may lead to conflicts of interest, such as issuing tokens or investing in related enterprises, to maintain policy fairness.
In addition, California, as the fifth largest economy in the world, may set a benchmark for legislative trends across the United States and even globally. For example, Texas and Kentucky have passed similar bills, and at the federal level, the Trump administration proposed establishing a strategic reserve for Bitcoin, indicating that the U.S. is accelerating the construction of a legal framework for digital assets.
Although the bill is still in the 'desk procedure' stage, its passage will reinforce California's status as a center for crypto innovation, attracting more companies (such as Ripple and Solana Labs) to establish themselves and providing regulatory support for subfields like stablecoins. In the future, whether California can become a 'crypto paradise' may depend on the dual test of political maneuvering and market response.
