Crypto Protection Strengthened by California Act

California Amends Bill to Protect Cryptocurrency Use and Self-Custody

• The amendment renames the Money Transmission Act to the Digital Assets Act.
• It authorizes individuals and businesses in California to accept cryptocurrencies as payment.
• Public entities are prohibited from restricting or taxing cryptocurrency use for payments.
• The bill affirms the right of individuals to self-custody their digital assets.
• California’s Unclaimed Property Law will apply to inactive crypto accounts after three years.
• The Political Reform Act of 1974 now includes a prohibition on public officials promoting digital assets.

The amended bill, introduced by Assemblymember Avelino Valencia, aims to protect cryptocurrency transactions and self-custody rights in California, impacting nearly 40 million residents. It also ensures regulatory frameworks align with evolving digital currency use.