California Introduces Bitcoin Rights Bill to Safeguard Digital Asset Custody

According to PANews, the California State Assembly has introduced the Bitcoin Rights Bill, designated as AB-1052, aimed at providing legal protection for the self-custody of digital assets. The bill was proposed by Juan Carrillo Valencia, Chair of the Assembly Banking and Finance Committee, and was officially announced on March 29 by the nonprofit organization Satoshi Action Fund on social media platform X. AB-1052 includes several provisions to protect digital asset users. It explicitly recognizes the right to self-custody Bitcoin and other digital assets, prohibits government agencies from imposing taxes or restrictions solely based on the use of assets for payments, and establishes a legal framework for handling unclaimed digital assets, ensuring they are managed by licensed custodians. Additionally, the bill seeks to amend the 1974 Political Reform Act to prohibit public officials from issuing, sponsoring, or promoting any digital assets, securities, or commodities, aiming to reduce political influence on emerging financial technologies. Supporters of the bill believe it could serve as a legislative model for other jurisdictions. They suggest that California's adoption of AB-1052 might spark a nationwide discussion on regulatory frameworks and encourage other states to implement similar measures.