Seeds of Wisdom RV and Economic Updates Monday Morning 3-31-25
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CALIFORNIA INTRODUCES ’BITCOIN RIGHTS’ IN AMENDED DIGITAL ASSETS BILL
California Democrat Avelino Valencia has amended a money transmission bill to make Bitcoin and crypto rights a major focus, potentially benefitting the state’s 39.4 million residents.
A Californian lawmaker has just added Bitcoin and crypto investor protections to a February-introduced money transmission bill aimed at securing crypto self-custody rights for the US state’s nearly 40 million residents.
California’s Assembly Bill 1052 was introduced as the Money Transmission Act on Feb. 20, 2025, but was amended by Democrat and Banking and Finance Committee chair Avelino Valencia on March 28 to include several Bitcoin and crypto-related investor protections.
The amendments remove the term “Money Transmission Act,” renaming the legislation to “Digital Assets.”
“California often sets the national blueprint for policy, and if Bitcoin Rights passes here, it can pass anywhere,” Satoshi Action Fund CEO Dennis Porter said in a March 30 statement.
“Once passed, this legislation will guarantee nearly 40 million Californians the right to self-custody their digital assets without fear of discrimination.”
The bill would also deem the use of a digital financial asset as a valid and legal form of payment in private transactions and would prohibit public entities from restricting or taxing digital assets solely based on their use as payment.
The bill would also expand the scope of California’s Political Reform Act of 1974 to prohibit a public official from issuing, sponsoring or promoting a digital asset, security or commodity.
“A public official shall not engage in any transaction or conduct related to a digital asset that creates a conflict of interest with their public duties,” one section of the AB 1052 states.
AB 1052 is now in the “desk process” — meaning the bill has been formally introduced and is awaiting its first reading.
A total of 99 merchants currently accept Bitcoin payments in California, BTC Maps data shows.
Ripple Labs, Solana Labs and Kraken are among the largest crypto firms based in California.
A stablecoin-related bill was also introduced in California on Feb. 2, 2025, which aims to provide more clarity over stablecoin collateral requirements, liquidation processes, redemption and settlement mechanisms requirements and security audits.
Bitcoin-related bills and measures near 100 at the US state level
According to Bitcoin Law, 95 Bitcoin-related bills or measures have been introduced at the state level in 35 states, including 36 Bitcoin reserve bills that are still live.
The Texas Senate passed a Bitcoin strategic reserve bill in a 25-5 vote on March 6, while Kentucky Governor Andy Beshear signed a Bitcoin Rights bill into law on March 24.
Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.
@ Newshounds News™
Source: Cointelegraph
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JAPAN EYES GIVING CRYPTO ASSETS LEGAL STATUS: REPORT
Japan plans to reclassify cryptocurrencies as financial products and implement insider trading restrictions similar to those for traditional financial markets, Nikkei reported Sunday.
For these changes, Japan's Financial Services Agency (FSA) is looking to submit legislation to its parliament as early as 2026, following closed-door consultations with industry experts.
The proposed changes would revise the Financial Instruments and Exchange Act, positioning digital assets differently from securities while acknowledging their investment characteristics.
While specific criteria on the restriction remain under consideration, Nikkei reports that those would likely "resemble" what's already in place for "conventional financial products."
Japan's Financial Instruments and Exchange Act regulates securities and financial instruments categorizing them as either traditional, "Paragraph I Securities" (like bonds and shares) or "Paragraph II Securities" (including trust interests and partnership stakes).
The Act establishes distinct regulatory requirements for public offerings versus private placements, with public offerings generally requiring securities registration statements and continuous reporting.
Meanwhile, collective investment schemes, which proof-of-stake chains could fall under, are used for real estate securitization in Japan. Those face operator registration requirements with specific exemptions only available for qualified institutional investors.
The regulatory shift comes as Japan opens up to crypto adoption, establishing new frameworks and acknowledging how crypto has expanded its use cases from payments to investments and more, urging regulators to redefine how they oversee the sector.
Crypto investments are taxed "up to 55%" in the country, while financial products such as ETFs "face only 20% capital gains tax," Tiger Research senior research analyst Jay Jo told Decrypt.
With better safety measures and if lowered alongside how financial products are treated, this could "attract more institutions to crypto investments," Jo said.
Late last year, Japanese lawmakers urged their regulators to pursue a National Bitcoin Reserve. The country is also home to Metaplanet, a Bitcoin treasury company that has acquired 3,350 BTC so far with plans to add more.
@ Newshounds News™
Source: Decrypt
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