Share this article
Bitcoin Regulation Remains on Agenda for California Agency
California's money transmitter regulator released conflicting statements today regarding how bitcoin regulation will move forward in the state.
By Pete Rizzo
Updated Sep 11, 2021, 11:41 a.m. Published May 22, 2015, 8:13 p.m.
Make us preferred on Google
The California Department of Business Oversight (DBO) released conflicting statements today regarding how bitcoin regulation will move forward in the most populous US state.
In statements to Bloomberg, the DBO stated that it had elected not to exercise its authority to regulate bitcoin and digital currencies, instead passing this determination to the state legislature.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
DBO spokesperson Tom Dresslar explained his department's decision in conversation with Bloomberg, first stating that he believed that the legislature would be best suited to draft a regulatory regime in the best interest of consumers and businesses.
However, such statements were recanted within hours.
Dresslar told CoinDesk:
"We haven't made a decision. We're still in the process of how or if at all to regulate virtual currency business under our current statutory scheme. "
Dresslar offered no additional comment on the day's events.
The update is the first since the DBO's December announcement that a meeting would be held to address the topic.
, the meeting had been delayed, prompting uncertainty as to when or if the bank and money transmitter regulator would come to a formal decision.
California image via Shutterstock
More For You
More For You
Crypto custodian BitGo a potential acquisition target for Wall Street firms, analysts say
Compass Point and Canaccord call BitGo a potential acquisition target and defend the stock despite its weak debut, citing growth in institutional crypto infrastructure.
What to know:
- Wall Street analysts say BitGo’s expansion into full-service institutional crypto finance could drive long-term growth and make it an attractive acquisition target for traditional financial firms.
- Analysts argue that investors are overlooking BitGo’s potential to cross-sell prime brokerage-style services, which could significantly boost revenue if it can narrow the gap with rivals like Galaxy and Coinbase.
- Despite BitGo’s stock falling more than 40% since its January IPO, some analysts view the selloff as an overreaction and maintain buy ratings, citing the company’s solid competitive moat and strategic value to big banks entering crypto.
