With assistance from Joseph Bonneau, Lee Tien, and Jamie Williams Bitcoin creator Satoshi Nakamoto would never have qualified for a license under California’s proposed virtual currency regulation A.B. 1326 (Dababneh) is a bill that would require “virtual currency businesses” to apply for and obtain a license in order to offer services in California, and it includes significant fees and administrative hurdles. Unfortunately, the bill’s language is so vague that it’s unclear what companies are, in fact, “virtual currency businesses.” So in spite of carve-outs for smaller companies and for software developers who don’t exercise control over the currency, the proposal threatens the future of virtual currency experimentation and innovation in the state. The bill has percolated in the California legislature for months. EFF has been engaged with the author of the bill, explaining our concerns, opposing the bill, and helping to strip…
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