28 Aug '15, 9pm

Say No to the California Bitcoin License

AB 1326 would create a license for virtual currency services in California. It would force a wide range of Bitcoin companies to navigate a complicated and expensive application process, which includes providing unnecessary data to the Commission of Business Oversight. While there is a provisional license for start-ups, it won’t solve the problem: only the Commission of Business Oversight can grant the provision license and applications can be rejected for any reason. And because the bill’s language is vague, it’s not at all clear who the license requirement would apply to in the first place. Why this is the wrong strategy for regulating Bitcoin Virtual currencies like Bitcoin are still in their earliest stages of development. Regulating them now will lock us into an early moment in their evolution, before we know where the technology is headed. Furthermore, the California ...

Full article: https://nobitcoinlicense.org/

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