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September 22, 2020

Law was introduced by Assemblyman Matt Dababneh in February

Proposed California bitcoin bill adds new reporting requirements

 Proposed California bitcoin bill adds new reporting requirements
The California Senate Appropriations Committee has voted 6-1 to advance a bill that would create a licensing regime for bitcoin companies in the state.
United States | 09/07/2015

The California Senate Appropriations Committee has voted 6-1 to advance a bill that would create a licensing regime for bitcoin companies in the state.

T

he bill moved forward on 27th August, with Senator Jim Nielsen, a Republican from California's Fourth District, casting the lone dissenting vote. The bill received a second reading on Monday, with a third reading set for a later date.

AB-1326's movement through the California Senate – it passed the lower chamber in June – comes as groups supporting and opposing the measure spar over the law's wording. The bill, introduced by Assemblyman Matt Dababneh in February, was amended earlier this summer to include a provisional regulatory on-ramp for nascent companies.

The latest version of the bill, amended as of 18th August, includes a passage that would add new reporting requirements to licensed businesses beyond existing language that mandates annual and quarterly financial audits.

The bill reads: "Each licensee shall file an annual report with the commissioner, on or before the 15th day of March, providing the relevant information that the commissioner reasonably requires concerning the business and operations conducted by the licensee within the state during the preceding calendar year. Each licensee shall also make other special reports to the commissioner that may be required by the commissioner from time to time."

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