California Assembly has officially introduced AB-1052, aka “Bitcoin Bill of Rights” bill on March 30. The bill was proposed by California Banking and Finance Committee Chair, Assembly member Juan Carrillo Valencia.
AB-1052, aka “Bitcoin Bill of Rights”
The ‘AB-1052’ strives to provide legal protection for cryptocurrency users. The bill is also a step towards clarifying the self-custody rights of Bitcoin and other digital assets, and outlawing public agencies from taxing or imposing restrictions when assets are used for payment. Moreover, the bill has outlined a legal framework for managing ‘unclaimed digital assets,’ ensuring that such assets are properly held by licensed custodians to avoid uncertainty in estate administration.
The bill proposes to amend the “Political Reform Act of 1974,” prohibiting public officials from issuing, sponsoring, or promoting any cryptocurrencies, security, or commodity to prevent political influences from obstructing the development of financial technologies.
Moreover, a separate section of the bill dictates a legal process for tackling unclaimed digital property. The bill also ensures such unclaimed assets are safeguarded by licensed custodians instead of being left in administrative uncertainty.
The Satoshi Action Fund stated that once passed, the bill will provide digital asset-related rights protection to nearly 40 million California residents and would work as a blueprint for other regions to come up with similar legislation.
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, said, “This is an important step forward for Bitcoin and digital asset rights. We must ensure that innovative technologies remain accessible to individuals”, emphasizing his strong support for protecting Bitcoin rights.
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