California is driving the bill for digital assets

The California Senate Committee on Banks and Financial Institutions: a Bill that aims to define digital assets and measure their impact on government and consumer protection.

Draft Law 2150that can potentially affect the way federal regulators handle digital assets, was unanimously approved by the Senate Committee on Banks and Financial Institutions. It will be discussed in the Committee on Budgets on August 17th. The bill had previously been approved by the California Assembly before going to the Senate.

The invoice, first proposed by Majority Leader of the California Assembly, Ian Calderón tried to assume that digital assets are not securities. However, changes to the bill by the Senate prevented further definition of digital assets and tokens. Now focus on the order to the corporate supervision department do one Investigate California to see if California can enact policies similar to Securities and Exchange Commission (SEC) Rule 195: Temporary Exemption for Tokens.

California is driving the bill for digital assets
California is driving the bill for digital assets

The study wants to see how that Treat digital assets as securities for a limited period of time that can affect Consumer protection, government benefits and minimum standards for compliance with exemptions.

The trade oversight department should also make suggestions about legal frameworks and define key terms. The report must be filed with the California legislature on or before January 1, 2022.

The SEC commissioner, Hester Peirce, proposed token exemption in FebruaryThough the regulator didn’t officially enact it.

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