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California Delays Formal Decision on Bitcoin Regulation

A December meeting of California’s Department of Business Oversight did not result in any formal decision on bitcoin regulation.

Jan 5, 2015 at 7:45 p.m. UTC
Updated Sep 11, 2021 at 11:25 a.m. UTC

DBO, California

California’s financial services and money transmitters regulator did not rule on whether it would regulate bitcoin at a scheduled December meeting.

The meeting of California’s Department of Business Oversight (DBO) was first revealed in early December by Bloomberg. Though details were scarce, spokesperson Tom Dresslar said at the time that the state was seeking to determine whether regulating bitcoin and digital currencies was in the best interest of consumers.

Dresslar told CoinDesk that though no action was taken at the meeting, the DBO still expects to come to a decision regarding when and how it might regulate digital currencies, stating:

“We’re still deliberating, we’ll be making a decision in the near future. But, there’s nothing more to add [at this time].”

Dresslar declined to comment on when another meeting to discuss the subject might take place, why no decision was made at the original meeting or what might have been discussed during that hearing.

While forthcoming, such an action could prove influential, as California was home to roughly 40% of all bitcoin professionals as of mid-2014. A number of leading bitcoin companies also call the area home, including Coinbase, ChangeTip and Ripple Labs.

The actions would follow the approval of Assembly Bill 129, a measure that granted bitcoin and a host of other alternative forms of value the status of “legal money” under California law.

DBO office image via Glassdoor; California Flag image via Shutterstock

DISCLOSURE

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