AB 1326 received mixed opinions from the Bitcoin community. John Light, Founder of BitSeed, petitioned for its withdrawal, stating that “mandatory, top-down, one-size-fits-all regulations such ... The highly controversial California AB 1326, often referred to as “California’s BitLicense” has failed to pass in the Legislature. The bill, which would require Bitcoin many Bitcoin ... AB 1326 (2016, defeated) and AB 1123 (2018, defeated) would have required altcoin businesses to secure a license to operate from the Commissioner of Business Oversight. CO: Friendly: Legislation introduced AB-1326 was first submitted to the California legislature on February 27 by assemblymember Matt Dababneh, a democrat from the Encino neighborhood of Los Angeles. On March 23 the bill was referred to the committee on banking and finance, where Dababneh also serves as chair. It was amended and re-referred to the same committee again on April 21. For instance, Bill AB -1326 required participants to pay an up-front $5,000 USD application fee and $2,500 annually, which many people believed would be harmful to smaller startups. The death of AB 1326 is certainly a cause for celebration among the bill’s opponents. For now, California’s Bitcoin industry will remain free from any BitLicense-like regulation. However, the attempt to push this bill through the Legislature shows that California regulators want to place some kind of controls on its budding Bitcoin industry. Thus, it is safe to say that AB 1326 probably ...
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