This past May, Crowdfund Insider reported on pending legislation (AB 2150) in the state of California that may have addressed the treatment of digital assets and when they would not be considered a security. In the ensuing months, the legislation has changed – and rather dramatically.
According to the bill’s description, the bill now requires the California Department of Business Oversight to conduct a study to determine the feasibility of enacting in California a measure equivalent to the “Proposed Securities Act Rule 195–Time-Limited Exemption for Tokens.”
If approved, the report would be presented to the state legislature.
The goal is to better understand the “potential benefits and costs” of any proposed exemption to California.
The report would also provide suggestions for “regulatory frameworks that allow innovation and growth in blockchain and cryptocurrency technology while preserving consumer protections.”
The report is due by January 1, 2022. Or perhaps earlier, according to the language of the bill.
A committee hearing has been scheduled to discuss the bill this week.