California Bitcoin Regulation still faces opposition

A bitcoin industry think tank it still at loggerheads with digital advocacy groups over their stance on imminent legislation in California that seeks to regulate digital currencies. Introduced in February, the bill has passed the Senate Transportation and Housing Committee in July.

Jerry Brito, executive director at Coin Center, sought to detach his organization from the Electronic Frontier Foundation (EFF) and Copia Institute last week. The latter two are opposing the law, AB-1326, arguing that it will impair innovation in current form. 

The EFF and Copia made their stance apparent through a formal filing with the Senate Committee on Banking and Financial Institutions. Moreover, the EFF has also advised those concerned about the law to reach out directly to California officials.

While speaking to CoinDesk, Peter Van Valkenburgh, Coin Center director of research, explained the ongoing debate between the groups, and said that although Coin Center supports the foundation's efforts on a philosophical level, he thinks that its stance is not practical given the potential risks that would come if there is no legislation.

"They're asking that a bill doesn't pass and praying that the California Department of Business Oversight (DBO) doesn't apply money transmission laws. The EFF has done amazing work with free speech, but they've never worked in financial law. I just think they missed this", he added.