February 22, 2021
The Honorable Xavier Becerra
California State Capitol
SENT VIA EMAIL
Dear Attorney General Becerra,
On behalf of the Blockchain Advocacy Coalition, an organization of blockchain and virtual currency businesses in California, I write to bring to your attention a pending federal regulation that would preempt and refute many of the important privacy protections your office has led the nation on. On December 18, 2020 the US Treasury led by Steve Mnuchin, released a concerning proposed rule that would put into place first of its kind reporting requirements for virtual currencies and digital assets. The agency initially proposed…
After a cup of menstrual blood went flying across the Senate floor, I had assumed 2019 would be California’s wildest legislative session for a while. Covid-19 proved me unfortunately wrong. The Legislative process, calendar and agenda was quickly thrown into the dumpster fire of March and everyone turned back to the white board.
When the Legislature returned from its two-month long “stay at home” recess in May, it passed a stripped-down state budget which reflected lower revenues given the pandemic-induced recession. They then began prioritizing and shelving hundreds of bills that would no longer make the cut in the truncated…
On Wednesday November 14th, just after the midterm elections the Blockchain Advocacy Coalition co-hosted a policy panel with Blockchain for Social Justice. We sat down to chat with Fiona Ma- Treasurer Elect for the state of California and Brian Forde- former technology advisor in the Obama White House.
The audience of Bay Area blockchain and cryptocurrency entrepreneurs were lucky to be joined by SF Board of Supervisor's President Malia Cohen (who was also elected to statewide office last week and will be joining the Board of Equalization in January) and Assemblymember David Chiu. We kicked things off with a discussion…
2018 was a breakout year for legislation on blockchain and cryptocurrency. Over a dozen states considered pieces of legislation that dealt with blockchain/cryptocurrency. “Blockchain” cracked the top 10 search terms on Legiscan this year. While some state results were varied several federal bills have been introduced that will change the way blockchain policy is discussed in the United States.
Three were introduced by Representative Emmer of Minnesota, co-chair of the Congressional Blockchain Caucus:
Resolution Supporting Digital Currencies and Blockchain Technology
Expresses support for the industry and its development in the United States. …
Today California Governor Jerry Brown signed two landmark pro-blockchain bills into law: AB 2658 by Assemblymember Ian Calderon and SB 838 by Sen. Robert Hertzberg. AB 2658 defines blockchain technology, updates the Uniform Electronic Transactions Act and establishes a working group with industry representation to create the best possible regulatory framework for blockchain within the state of California. SB 838 also defines blockchain technology and enables companies to record stock issuance and transfers using this technology.
Since 2012, the global number of blockchain businesses has grown steadily while the percentage of the those businesses headquartered in California has fallen from…
The Fair Political Practices Commission (FPPC) is a body created by the Political Reform Act- a ballot measure passed by California voters in 1974 as a reaction to national disgust with the Watergate scandal. It is tasked with curtailing corruption in politics by regulating campaign finance, lobbying activity and conflicts of interest.
What that means for most people is that if you donate to a campaign in California (not for federal level races) that contribution is reported to the FPPC.
One of the key goals of the Blockchain Advocacy Coalition is to better inform policymakers about how regulation impacts the blockchain/cryptocurrency/ distributed ledger industry. For brevity’s sake we’ll us BCDL as a catch-all from here on out. We used Crunchbase to source data about the industry size and trends. Here’s what we found out about the BCDL industry in California:
On Wednesday, June 20th 2018 the Blockchain Advocacy Coalition brought twenty entrepreneurs, advocates and founders to Sacramento for a full day of meetings with California’s legislators. What would induce busy blockchain movers and shakers to give up an entire day and drive up to Sacramento at 6am?
Quite simply, to put a human face on the industry that has been typified in the media as fraudulent 20 year olds driving exotic cars and selling Chuck E. Cheese tokens to grandmas. These blockchain advocates gave their time to educate the legislators, staff, and regulators who are tasked with overseeing this industry…
Despite its reputation as a global leader in technology and never having met an industry it didn’t like to regulate (shout out to the carpet tax) California has remained relatively silent on blockchain and cryptocurrency.
In 2015, former Assemblymember Matt Dababneh proposed AB 1326- aka California’s BitLicense. The bill never passed out of the Senate, and failed once again in 2016. California’s blockchain and cryptocurrency business community continued to grow while New York suffered the “Great Bitcoin Exodus” and has struggled to issue 6 licenses in the intervening 3 years since the NY BitLicense first went into effect.