California’s Senate Banking and Financial Institutions committee has passed a bill seeking to define cryptocurrency

The Senate Banking and Finance Institution Commission of California passed a bill that seeks to identify cryptocurrency and measure the impact of this asset class on state safety and user interests.

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California passed bills seeking to define cryptocurrency, looking at their impact

This bill, called “Congress Bill 2150”, has the potential to influence how federal regulators access digital assets and cryptocurrencies. The Senate Committee has unanimously passed the bill on Financial Institutions and Banking. Furthermore, this bill will be discussed in the Expenditure Committee as early as August 17. The California Congress passed the previous bill before moving to the Senate.

The bill, first proposed by California Majority Leader Ian Calderon, initially sought to assume that digital assets, cryptocurrencies, are not securities. However, amendments to the Senate bill restricted the further identification of digital assets and tokens. It now focuses on directing the Department of Business Supervisors to do a study to see if California could enact policies similar to the Securities and Exchange Commission’s Proposed Rules of the Securities and Exchange Commission. (SEC) 195- Whether there is a time limit for the token or not.

The study wanted to see how digital assets such as securities for a limited period could impact the protection of users, the benefits of the state, and the setting of dark standards. to meet the waivers.

The Department of Business Supervision is also required to make recommendations on the regulatory framework and identify key terms. The report must be presented to the California Legislature on or before January 1, 2022.

SEC Commissioner Hester Peirce proposed a token exemption back in February, although the regulator has not officially issued it.

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