Cryptocurrencies Draw California Lawmakers’ Attention

Cryptocurrencies like Bitcoin have been around for years, however, lately they’ve been a hot topic in the news and among attorneys.

This blog post from Jennifer Post, of Thompson Coburn, sheds some light on the issue. Jennifer will be speaking at our Cryptocurrencies, Blockchain & Initial Coin Offerings seminar in June 2018.

Virtual currencies remain largely unregulated, as well as the activities which support them (exchanges, wallets, etc). However, due to sudden interest from investors and the creation of several new cryptocurrencies, state lawmakers are beginning to consider how they should regulate these activities.

California has introduced the Virtual Currency Act (A.B. 1123), which would require those involved in a “virtual currency business” in California to first register with the state’s Commissioner of Business Oversight. A.B. 1123 defines a “virtual currency business” as any business “maintaining full custody or control of virtual currency in this state on behalf of others.”

Learn more by reading Jennifer’s post and at our upcoming Cryptocurrencies, Blockchain & Initial Coin Offerings seminar in June 2018.