The California Assembly has approved Assembly Member Dababneh’s Bit Licence Bill (AB1326) and moved it to the Senate for further consideration.

If made in its current form, the Bill will make it unlawful for a person to engage in any virtual currency business without a Commissioner of Business Oversight licence or exemption.

If the Senate approves the Bill, the State’s Governor will be invited to sign it, allow it to pass into law without signature, or veto it – although a veto could be over-ridden by a two-thirds vote in favour of the Bill in both houses.