California plans to license bitcoin

A member of the California State Assembly has introduced a bill aimed at equalizing cryptocurrency companies with traditional firms and, accordingly, legalizing bitcoin — the state Senate has supported the bill, and the governor of California has the final say.

According to the author of the bill, Timothy Grayson, the main idea is to protect Californians from financial hardship and promote innovation by licensing and regulating cryptocurrency exchanges. The law will require licensed companies to act in favor of customers and provide transparent information about digital assets.

«The cryptocurrency industry is very young and this makes investing in it promising, but also very risky for Americans, as crypto companies are not properly regulated and do not follow the rules that work for all other firms,» said Timothy Grayson.

In early June, a candidate for the U.S. Senate from California called on Elon Musk to help him make Dogecoin legal tender. In his recent tweet, Timothy Ursich called on Elon Musk and Dogecoin co-founder Billy Marcusto support his campaign for the Senate if they really want to accelerate the integration of cryptocurrencies into the everyday life of Americans.