The letter praises the Senate for its most recent changes, particularly the elimination of certain redundant licensing and modification of its definition of “virtual currency business”. However, the startups called on California to go a step further before the regulation is ultimately passed by updating certain language and removing additional burdens from early-stage industry startups.
The companies did not provide any additional clarity on specific changes they would like to see made to the provisions. Legislators had earlier updated the law to allow businesses with less than USD 1 million in obligations to register with only a USD 500 licensing fee.
The Bitcoin companies also called for additional clarification to language meant to deal specifically with multi-signature wallet technology, whereby the control of funds in a bitcoin wallet can be shared by multiple parties.
The letter was signed by Bitcoin companies BitGo, Bitnet, Blockstream, Chain, Gem, Mirror and Xapo.
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