New York Enshrines Cryptocurrency Protections in Revised Financial Services Law

California Adds Bitcoin Rights to Amended Digital Assets Bill

Sacramento, CA - In a significant development for the cryptocurrency community, California has amended its digital assets bill to include rights for bitcoin and other digital assets. The amended bill, which was signed into law by Governor Gavin Newsom on Wednesday, aims to provide a clearer legal framework for the ownership and transfer of digital assets in the state.

The original bill, introduced in February, focused primarily on the regulation of digital assets in the context of estate planning and probate. However, the amended bill goes further by explicitly recognizing the rights of individuals to own, use, and transfer digital assets, including cryptocurrencies like bitcoin.

The new law defines digital assets as "information-based intangible property" that can be stored or transmitted electronically, including cryptocurrencies, digital currencies, and other forms of digital property. It also establishes the rights of individuals to own and use digital assets, including the ability to transfer them to others through gifts, wills, or other means.

The amended bill is seen as a major victory for the cryptocurrency community in California, which has been pushing for greater clarity and recognition of digital assets in the state's laws. The law is expected to provide a more stable and predictable legal environment for individuals and businesses involved in the digital asset space, and could help to attract more investment and innovation to the state.

"We are thrilled that California has taken this important step to recognize the rights of individuals to own and use digital assets," said a spokesperson for the California Blockchain Task Force. "This law will help to promote the growth and development of the digital asset sector in California, and will provide a more stable and predictable legal environment for all stakeholders."

The amended bill is effective immediately, and will apply to all digital assets that are owned or used in California. The law is expected to have far-reaching implications for the digital asset sector, and could help to establish California as a leader in the development and regulation of digital assets.