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California submits "Bitcoin Rights" bill to clarify the self-custody rights of digital assets.
According to Gate.io News bot, as reported by Bitcoin News, California Bank and Finance Committee Chair, Senator Juan Carrillo Valencia, submitted AB-1052, the “Bitcoin Rights” bill, to the California legislature.
The bill establishes a legal protection framework for digital asset users, including the recognition of self-custody rights for Bitcoin and other digital assets, and stipulates that public institutions cannot impose taxes or restrictions on assets used for payments. The bill also formulates management regulations for “unclaimed digital assets.”
The bill also proposes amendments to the 1974 Political Reform Act, stipulating that public officials shall not issue, sponsor, or promote any digital assets, securities, or commodities.