Stop Bitcoin license

[GIANT_CRAB]

AB 1326 would create a license for virtual currency services in California. It would force a wide range of Bitcoin companies to navigate a complicated and expensive application process, which includes providing unnecessary data to the Commission of Business Oversight.

Virtual currencies like Bitcoin are still in their earliest stages of development. Regulating them now will lock us into an early moment in their evolution, before we know where the technology is headed.

The bill gives incredible discretion to the Commission of Business Oversight to reject licenses for almost any reason, with no administrative appeal.

Finally, this bill would be bad for video game currencies. Any game currency that can be shared, traded, or gifted among users may result in market value outside the game. As a result, those game currencies would be implicated.

So recently, there's been a bill put up for passing and this virtual currency bill is terrible. Govt organisations are starting to try to centralise the decentralised virtual cryptocurrencies by forcing Bitcoin companies to do lots of paperwork shit.

This bill is a major threat to innovation for this type of technology and besides, the bill is rather shitte grade; very flawed in many ways. What do you guys think about this?

More info: https://nobitcoinlicense.org

 

[MannDude]

 What do you guys think about this?

Unsurprising coming from Kalifornia.

 

[DomainBop]

 What do you guys think about this?

Unsurprising coming from Kalifornia.

There's a very long list of state and national government that are exploring regulation/licensing of virtual currencies: http://www.coindesk.com/regulation/ ...with my state and its recently introduced BitLicense naturally at the head of the list http://bitcoin-reg.com/docs/NYDFS BitLicense June 3, 2015 Final Rules.pdf