AB-2150 is a step towards fostering an innovative business climate in California, without jeopardizing consumer protections. California is a giant economy whose regulatory approach will have impacts worldwide - Ben Weiss, COO of CoinFlip
CHICAGO and EMERYVILLE, Calif. (PRWEB) August 14, 2020
CORRECTION: CoinFlip and the Blockchain Advocacy Coalition (BAC), today, announced efforts to support AB-2150, providing a pathway towards greater regulatory clarity for the virtual currency industry, were successful with Thursday’s unanimous passing of the bill by the California Assembly. Ben Weiss, COO of CoinFlip and board member for the BAC, testified in favor of the legislation, introduced by ASM. Ian Calderon. The bill will initiate a yearlong stakeholder process where the state’s most important regulatory agency will suggest new frameworks for digital assets while maintaining strong consumer protections.
“AB-2150 is a step towards fostering an innovative business climate in California, without jeopardizing consumer protections. California is a giant economy whose regulatory approach will have impacts worldwide,” said Weiss. “The state will lead the federal government that is slow to provide regulatory clarity. If we don’t act now, we will continue to lose much-needed businesses and jobs to countries that have moved quicker in this sector.”
Since February, CoinFlip and the BAC have worked diligently behind the scenes in support of the bill. Its passing mandates the Department of Business Oversight to conduct a study on the viability of a California equivalent to the Proposed Securities Act Rule 195: Time-Limited Exemption for Tokens.
“AB-2150 will help set up California as a hub for the burgeoning cryptocurrency and blockchain industry by encouraging virtual currency businesses to operate in the state, encouraged by regulatory clarity,” continues Weiss. “Because the federal government has yet to provide a clear taxonomy of digital assets, regulatory uncertainty has caused many businesses to leave the United States, taking jobs and innovation with them.”
Currently, companies operating in the U.S. face uncertainty about securities regulation at both the state and federal levels, stymieing innovation in comparison to other countries. California has been steadily losing market share of the cryptocurrency and blockchain industry since 2012. As California experiences a significant budget crisis, the state must consider innovative approaches to bolstering the economy and attract businesses to employ Californians. CoinFlip and the BAC look forward to further regulatory transparency and progress fundamental to the future of the virtual currency industry in California and the U.S.
CoinFlip is the leading Bitcoin ATM operator in the world, with over 780 installations across 41 states and support for 10 types of cryptocurrencies. Striving to provide the best cash-to-crypto experience available, CoinFlip offers 24/7 customer support, registration in minutes, and the industry’s most favorable exchange rates. Founded in 2015, CoinFlip is headquartered in Chicago.
For more information, please visit http://www.coinflip.tech and join the conversation on Facebook, Twitter, Instagram and LinkedIn.
About the Blockchain Advocacy Coalition:
The Blockchain Advocacy Coalition has spearheaded California's progress in blockchain policy for the last two years. We began by organizing the effort to pass the first two blockchain bills in CA in 2018- including AB 2658 which formed the state Blockchain Working Group. In 2019 we sponsored AB 953 and worked to improve AB 1489- CA's bitlicense-lite. We've hosted roundtables with Governor Newsom and Treasurer Fiona Ma, provided expert testimony for over a dozen hearings and facilitated presentations on blockchain technology for regulators with the Department of Business Oversight. This year we are proud to sponsor AB 2004 and support AB 2150 and SB 373. We provide customized political strategy plans for our board members and retain Niemela Pappas and Associates to amplify our lobbying efforts.
Executive Director Ally Medina has a decade of state and local policy experience. She was appointed as an advisory member to the state Blockchain Working Group, served on Governor Newsom's technology transition team and is a council member for the city of Emeryville, CA.
Blockchain Advocacy Coalition