Published on August 17th, 2015 | by bitcoin0
Bloomberg BNA – Bitcoin Advocates Split Over California Bill
August 17, 2015
Bitcoin Advocates Split Over California Bill
By Kery Murakami Aug. 13 — Legislation in California designed to regulate virtual currency is spurring heated debate among Bitcoin advocates over whether new rules would give the nascent industry more certainty or if they would squash young startups.
Established players such as PayPal are “staying on the sidelines” while the Bitcoin advocates fight amongst themselves, Kudon said.
EFF Concerns EFF argues the California bill (AB 1326) “is designed for established Bitcoin businesses—companies with the significant financial and administrative resources needed to navigate the licensing process,” according to an Aug. 7 blog post.
Coin Center said California bitcoin businesses could be in far worse shape without the bill.
Should the California bill fail, Brito predicted the Bitcoin companies would likely be subject to the state’s money transmission act.