California Bill Proposes to Exempt a Few Cryptos from Securities Law
California lawmaker has introduced a bill that would exempt a limited set of digital currencies from the state’s corporate security categorization.
The bill was introduced in the California Assembly Tuesday. It was presented as an amend to legislation originally submitted by Majority Leader Ian Calderon, D-57 in February.
The bill proposes to exempt digital assets, which “presumptively are not an investment contract”, from the definition security.
The bill stated that the existing law, the Corporate Securities Law of 1967, regulates the issuance of corporate securities. It also requires qualification of any offer or sale of securities and allows for exemptions from qualification with Commissioner of Business Oversight.
“Existing law defines “security” as a stock, note, or investment contract. The bill would make an exception to the above definition, stating that a digital asset that meets specified criteria is not presumptively an investment contract within “security” meaning.
The key bill for defining crypto
The team reviewed the points from Amphora during a conference call on September 15. This workshop was held a week before with the goal of getting the execution and consensus layer client groups to “iron out problems” in the specification and reach an set of milestones. Beiko’s report stated. The Amphora Milestones were designed to get clients to conform with the specification, and then add complexity as they interoperate more with other clients.
The event met all milestones and was a success. Beiko wrote that client teams now have a clear list with tasks they need to complete. “Enough progress has been made to reach out to a larger portion of the Ethereum community.”
Additionally, his tweet stated that Pithos was launched on October 14th. The network is active and the community can expect to hear from the public about “exploring how developer tools, other core Ethereum infrastructure, and best prepare” for the transition from proof-of-work (PoW), to PoS. Amphora assisted clients and researchers to identify issues they would like to fix, as well as responding to community feedback. Beiko stated that the spec should be completed within a few weeks and a stable testnet will be made available soon.
At 10:49 UTC, ETH traded at USD 3,792 and was down 3% per day. This reduced its weekly gains to less that 11%