The Californian bitcoin bill AB-1326 will require participants to pay the treasury $5,000 with application and an extensive inquiry into the business applicants’ background. Taskforce and the Electronic Frontier Foundation (EFF) aim to fight this regulation, reports Bitcoin.com.According to Taskforce, this license is completely unwarranted and therefore Taskforce and EFF started nobitcoinlicense.org in order to provide residents an easy access to contact their representatives. They want California residents to call their local senators and appeal against the new bill before it’s too late, the report said.They argue that the digital currency has not reached its maturity level yet, in order for it to be regulated. Moreover, as the clarity of this license is quite confusing, “passing it into law, would be a mistake,” hampering the early stages of Bitcoin development. The non-refundable fee of $5000 will be particularly detrimental to young start-ups who cannot afford it.Change.org has also been against the license and stated that in the end the consumers will suffer due to the lack of operations. The organization also agrees with the EFF that the policies are confusing, especially the business classification. Even after reading the proposal no one really knows what they must comply or classify with.“Having different regulations for cryptocurrencies in every state will create confusion for consumers.” – EFFThe law is supposed to provide security to customers in the crypto space. However, these groups of activists want users to know that the bill is “deeply flawed” and actually invades the privacy of businesses and its users just as the New York license, the report added. In New York many companies ceased their operations as they could not comply with the regulations and tariff.
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