AB 2285 has been advanced to the Senate. With an annual audit and regulatory framework, the experiment of stitching together traditional finance and Crypto has moved forward another step, and the way staking is defined is considered a small victory.

CryptoWorld News reports that Wu has learned that California AB 2285, the “Digital Financial Asset Banking Act,” has advanced to the state Senate review stage. The bill proposes to establish a regulatory framework for banks and credit unions and requires relevant institutions to conduct annual audits. At the same time, the bill would specify that staking rewards do not fall under the securities defined in the “1968 Corporate Securities Act.” According to the latest developments, on June 18 the bill was completed for its first reading in the Senate and submitted to the Rules Committee.