Currently undergoing review by California’s Senate – having already completed the first of three readings – if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the agency.
According to California’s legislative process, if the bill is approved by the Senate, it will proceed to the state’s Governor who can either sign it into law, allow it to become law without a signature or veto it.
A vetoed bill can be overridden by a two thirds vote in both houses. If it does become law, most bills typically come into effect on the first day of January 2016.
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