An act to amend Financial and Corporations Codes relating to digital currency

#1

Post by KeatonDunsford » Tue, Aug 09, 2016, 5:17 PM UTC

An act to amend Financial and Corporations Codes relating to digital currency
leginfo.legislature.ca.gov

Re: An act to amend Financial and Corporations Codes relating to digital currency

#2

Post by KeatonDunsford » Tue, Aug 09, 2016, 5:22 PM UTC

Can imagine this will be impossible to force with the rise of decentralized exchanges for BTC and ETH like Bitsquare and EtherEx. But still...

"The bill would prohibit a person from engaging in the digital currency business without enrolling in the program and would prohibit the conduct of digital currency business through an unenrolled agent. The bill would require a person seeking enrollment to pay a nonrefundable fee of up to $5,000... The bill would also require the person to provide fingerprints and would authorize the commissioner to deliver the fingerprints to law enforcement agencies."

Fuck this.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#3

Post by r00fus » Tue, Aug 09, 2016, 5:52 PM UTC

So what constitutes a digital currency? I mean, I've heard arguments that BTC is really an asset being traded. Didn't see that

Also: looks like proposed fee has been increased to $5000 from $500 (didn't look for other details).

Amusing that legalese is essentially similar to code, but without variable declarations (ie, $digitalcurrency := "currency that's traded online, including but not restricted to BTC, etc") it's a bit of a nightmare to parse.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#4

Post by pookaroo » Tue, Aug 09, 2016, 5:53 PM UTC

.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#5

Post by chollida1 » Tue, Aug 09, 2016, 5:54 PM UTC

https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml...

I believe this is a better link to the same editing, its atleast easier to parse the changes and it has colours!!

Re: An act to amend Financial and Corporations Codes relating to digital currency

#6

Post by notliketherest » Tue, Aug 09, 2016, 5:54 PM UTC

pookaroo wrote: post #4

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Welcome to the People's Republic of California. Where we're tolerant of everyone as long as they agree with us.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#7

Post by tn13 » Tue, Aug 09, 2016, 5:55 PM UTC

KeatonDunsford wrote: post #2

Can imagine this will be impossible to force with the rise of decentralized exchanges for BTC and ETH like Bitsquare and EtherEx. But still... "The bill would prohibit a person from engaging in the digital currency business without enrolling in the program and would prohibit the conduct of digital currency business through an unenrolled agent. The bill would require a person seeking enrollment to pay a nonrefundable…

Truly fuck this law. Not even sure how they are going to enforce this rubbish.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#8

Post by sctb » Tue, Aug 09, 2016, 5:56 PM UTC

pookaroo wrote: post #4

.

Please don't comment like this here.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#9

Post by Kinnard » Tue, Aug 09, 2016, 5:57 PM UTC

I hope this will provide an impetus for the community to organize and stop this.

Re: An act to amend Financial and Corporations Codes relating to digital currency

#10

Post by pookaroo » Tue, Aug 09, 2016, 5:59 PM UTC

sctb wrote: post #8

pookaroo wrote: post #4

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Please don't comment like this here.

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