The California State Assemblyman who insists on passing bitcoin regulation is up for re-election this year.
Matt Dababneh who represents California's 45th District is up for re-election this year. Dababneh has tried and failed two years in a row to pass overly restrictive laws to regulate bitcoin in California. He recently stated that he will be re-introducing the bitcoin bill in January 2017 with hopes to get it passed finally. His opponent Jerry Kowal is losing big time in the money race. Dababneh has nearly $1 million in donations, plus outside groups are spending on his behalf while Kowal has according to campaign filings only raised about $4000. If you have some time or money, please support Jerry Kowal, who is running against Matt Dababneh. Jerry could definitely use some donations as he is fighting against Dababneh's large warchest of funds. Jerry's website can be found here: Vote Jerry Kowal.
'PayPal in Talks to Buy Crypto Firms Including BitGo', Paypal Seem to be going deeper on Crypto than first thought.
https://www.bloomberg.com/news/articles/2020-10-22/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo PayPal Holdings Inc. is exploring acquisitions of cryptocurrency companies including Bitcoin custodian BitGo Inc., according to people familiar with the matter, a move that would expand its embrace of digital coins. PayPal has been holding talks with BitGo, a company that helps investors store Bitcoin securely, and could reach a deal within weeks, the people said, asking not to be identified because the matter is private. Talks could still fall apart and PayPal could opt to buy other targets, the people added. It couldn’t be learned how much PayPal would pay for BitGo if it goes ahead with the deal. BitGo raised $58.5 million in 2018 at a $170 million valuation, according to PitchBook. Representatives for BitGo and PayPal declined to comment. Palo Alto, California-based BitGo was founded in 2013 by Chief Executive Officer Mike Belshe. It offers digital wallets that require multiple signatures for transactions, as well as offline vaults for storing Bitcoin and rival currencies. It was one of the first companies in the space to focus on institutional investors, according to its website. The company applied in August to New York regulators to become an independent, regulated qualified custodian under New York State Banking Law, a press release showed. Custodians like BitCoin are responsible for safekeeping digital assets using secure storage. PayPal announced on Wednesday that its customers can buy, sell and hold cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin from digital wallets, as well as use the virtual money to shop at the 26 million merchants on its network. The announcement led Bitcoin to surge past $13,000 for the first time since July 2019. PayPal said it would partner with BitGo competitor Paxos Trust Company, a regulated provider of cryptocurrency products and services for its new service. BitGo is backed by investors including Goldman Sachs Group Inc., Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, Valor Equity Partners and Founders Fund.
Bitcoin Regulation Bill Approved by Californian State Assembly - California BTC News affecting Coinbase and other California Bitcoin exchanges.
Regulation passed making it so bitcoin and soon to be, likely all cryptocurrency, to be regulated by this new bill which will be in effect in the next month or so, retroactively. Exchanges in California will have to report past, present and future transactions so the federal government has a basis in which they can calculate any Capital Gains someone may or may not have received. -- I buy at a median so I am probably breaking even but there are many grey areas and if you are a trader you'll need to either take it like a day trader, messing with the stock market... Or you can take it as a business in which you sell and trade something that the US Government has yet to fully define. As long as you pay taxes on any profits you may receive subtracting of course your expenses, transactions fees, bank fees, etc. If you are trading cryptocurrency for your non-passive income, set it up as a business either with an LLC or if its a small business I'd just go for a clean schedule C (Referring to US Taxes). More regulation will come so don't hold your breath! If you are a trader who has made some decent money expect some 1099's being issued to you in which you'll need to claim as income. Message me if you need some advice on the best ways to file your taxes with a non passive income of trading crypto -- We are basically pioneering this and many court appeals and processes will come into play before Cryptocurrency is even considered a real fiat currency in the US. (even though its more secure than our financial institutions) @CryptOnYourFace www.CryptOnYourFace.com
A little perspective: Bitcoin Foundation received a cease and desist order from the State of California back in 2013 (link below). It shows how far we have come in crypto world and this tag of war between regulators and innovators will continue until crypto adoption reach critical mass.
Tracking Bitcoin Regulation State by State ... California’s latest draft also has most of the exemptions we have asked for; all of the following are clearly exempted from licensure: (h) A person or entity developing, distributing, or servicing virtual currency network software. (i) A person or entity contributing software, connectivity, or computing power to a virtual currency network. (j) A ... There's actually a lot going on in the California state legislature regarding virtual currency regulation, and you may soon need a specific license from them (although the bill in question---AB1326---still needs to pass). You can read a little more about it here from CoinCenter. In a fresh approach to crypto regulation in California, AB 1123 was proposed in early 2017 which would see the ‘Virtual Currency Act’ enacted. Although the Money Transmission Act currently covers the activities of the majority of virtual currency businesses, the Virtual Currency Act would place more specific obligations upon companies operating in the space. As with AB 1326, the bill was ... Bitcoin Regulation in United States. As Bitcoin becomes more and more mainstream, law enforcement agencies, tax authorities and legal regulators all over the world are trying to wrap their heads around the concept of cryptocurrency, and how exactly it ought to fit into existing regulations and legal frameworks. Cryptocurrency exists in a deregulated marketplace; there is no centralized issuing ... California lawmakers approved a bill on Monday that lifted an outdated ban on the use of bitcoin and other alternative currencies.
New York State's Maria Vallo on Regulating Bitcoin
Epicenter Bitcoin Regulatory Correspondent and founder of COINsult Siân Jones joined us for an update on the state of Bitcoin regulation in a variety of jurisdiction. Topics included: - The ... Bitcoin attorney Adam S. Tracy explains the regulations surrounding Bitcoin ATM and starting a Bitcoin ATM business.---A former competitive rugby player, serial entrepreneur, trader and attorney ... Univers Bitcoin, le podcast crypto francophone où l'on parle des fondamentaux du bitcoin mais pas que... Twitter : https://twitter.com/Univers_Bitcoin Ecoute... Bitcoin rejected at key resistance, how high can the price go before the halving, dangerous crypto regulations proposed, and Barcelona goes crypto! BLOCKFI EARN 5.1% COMPOUND INTEREST ON BITCOIN ... Dec.01 -- New York State Department of Financial Services Superintendent Maria Vallo discusses bitcoin, financial services regulation and the state's relationship with the federal government.