California State Assemblym —Meremo Avelino Valencia has changed a money transfer proposal to make digital assets A primary focus, including digital asset -related investors’ protection which, if approved, would benefit the state’s 39.4 million inhabitants.
Bill AB 1052 was originally introduced as the “Money Transfer Act” on February 20, 2025, but was changed and changed its name Simply “digital assets” by the Democrat legislator Valencia, chairman of the Banking and Finance Committee.
The bill would approve an individual or company lying in California to accept payment in the form of a “digital financial asset” for the sale of goods or services. It would also use digital assets as a form of payment in a private transaction a valid and legal consideration.
In addition, the bill would prohibit public units from banning, restricting or introducing any requirements for digital use use or execute a tax, source, assessment or other fee on a digital asset “solely because that asset was used as a method for payment.”
In addition, the extent of California expands Political Reform from 1974 to prohibit a public official from issuing, sponsoring or promoting a digital asset, securityOr raw material.
“A public official may not participate in any transaction or behavior related to a digital asset that creates a conflict of interest with its public information,” says AB 1052.
The amended bill received positive feedback from industry advocates.
“California often sets the national plan for politics, and if the bitcoin rights pass here it can pass anywhere,” mentioned Dennis Porter, CEO of Bitcoin Lobby Organization Satoshi Action Fund, in a statement on March 30.
He added, “When this legislation has been approved, will guarantee almost 40 million Californians the right to self -store their digital assets without fear of discrimination.”
Porter also praised the bill’s inclusion of legal frameworks to deal with “unproven property” for digital assets.
Specifically, AB 1052 would require “intangible property held in a digital asset account” to be transferred to the state three years after written or electronic communications to the owner is not returned or the date for the last exercise of ownership.
In addition to these, it would require the holder of a Private Key For a digital asset account that has been returned to the state to transfer the digital access to a custodian appointed by “controller.”
The digital asset proposal is now in the “desktop process”, which means that it has been formally introduced and is waiting for the first treatment.
Legislative efforts are increasing the pace of the United States
Digital asset -related operations among legislators have reached a fever pitch in the United States since the election of Pro-Crypto President Donald Trump In November last year – he took office in January 2025.
In accordance with The legislative tracking site Bitcoin Act has 95 digital asset-related bills or measures introduced at the state level in 35 states.
Among these – as well as the changed digital asset bill – California saw a StableCoin count introduced February 2, which aimed to give more clarity over Stablecoin Security requirements, liquidation processes, redemption and decommissioning requirements and security audits.
More recently, Texas State Senate passed A Bitcoin Strategic Reserve Bill in a vote of 25-5 on March 6, while Kentucky Governor Andy Beshear signed a Bitcoin rights count to team on March 24.
At the federal level progress is made on Several StableCoin billsincluding GeniusWhich can meet a complete floor vote in the Senate before the Chamber’s next recess – started the week on April 14 – late. Cynthia Lummis (R-WY) told Reporters last month.
But undoubtedly the largest digital asset -related development of the year so far was President Trump signing an executive order March 6 to create a strategic Bitcoin reserve and a digital asset storage. Originally, both the reserve and the warehouse will consist of forfeited assets as part of the crime or civilian procedures.
Watch: Reggie Middleton at Defi, Booms/Busts & Crypto Regulation
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