Satoshi Action Fund CEO Dennis Porter said, “California often sets the national blueprint for policy, and if Bitcoin Rights passes here, it can pass anywhere.” According to Porter, this legislation will grant nearly 39.4 million residents the right to self-custody their digital assets.

Key Regulations and Restrictions

The bill recognizes digital assets as a valid form of payment in private transactions, prohibiting public entities from imposing additional taxes or restrictions based on their use. Additionally, the bill expands the 1974 Political Reform Act, preventing public officials from engaging in conflict-of-interest transactions involving digital assets.

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The bill is currently in the “desk process” and awaiting its first reading.

Bitcoin’s Presence in California and Other Regulations

According to BTC Maps data, over 99 businesses in California currently accept Bitcoin payments. Ripple Labs, Solana Labs, and Kraken are among the major crypto firms based in the state.

Additionally, a stablecoin regulation bill was introduced on February 2, 2025, aiming to clarify stablecoin collateral requirements, liquidation processes, and security audits.

Across the United States, 95 Bitcoin-related bills have been introduced at the state level. On March 6, the Texas Senate passed a Bitcoin strategic reserve bill in a 25-5 vote. Kentucky Governor Andy Beshear signed the Bitcoin Rights Act into law on March 24.

Earlier this month, U.S. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile, utilizing cryptocurrency confiscated in government criminal cases.

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The company agreed to the license revocation and committed to discontinuing unsafe practices. DFPI reported that the company violated the California Financing Law (CFL). BlockFi gave loans without considering borrowers’ repayment capacity and charged interest before the loans were disbursed. Additionally, the company failed to provide credit counseling and did not meet credit reporting obligations.

DFPI Commissioner Clothilde Hewlett said, “While we encourage innovation in our financial markets, companies must comply with laws and protect consumers to continue operating.”

The bankrupt company will pay a $175,000 fine imposed by California, but the payment has been postponed to prioritize consumer repayments. In May 2024, the company shut down its web platform, and customers can no longer access it.

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The bankruptcy process began after Sam Bankman-Fried‘s FTX exchange collapsed. The company had significant exposure to FTX and its affiliates. BlockFi filed for bankruptcy due to a $400 million credit line with FTX US. Additionally, FTX was one of BlockFi‘s largest unsecured creditors.

By 2024, the company is estimated to owe up to $10 billion to more than 100,000 creditors.

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The state legislature is actively working to legislate new laws related to the development, implementation, and use of artificial intelligence. Most recently, on August 31, the California state Senate passed House Bill 1836, which would require prior express consent for the production of AI-generated replicas of deceased artists.

No replicas without consent The bill would impose a fine equal to the amount of actual damages suffered by the rights holder of the deceased’s likeness or a fine of $10,000 for anyone who unauthorizedly produces, distributes, or makes available a digital replica of a person’s voice or image.

According to the bill, a “digital replica” is defined as a highly realistic, computer-generated representation of an individual’s voice or visual likeness in a medium such as a sound recording, image, audiovisual work, or publication.

This crime includes AI interventions that alter an individual’s performance or appearance or alter the essential character of the performance or appearance. The bill is awaiting approval by California Governor Gavin Newsom.

The bill is supported by the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA), one of the largest performing arts unions in the United States, and others, and is therefore expected to pass. Hollywood and the Struggle Against AI The imitation of performers’ likenesses by AI has long been a contentious issue in Hollywood. It was one of the main negotiating points during the 118-day SAG-AFTRA strike in 2023.

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SAG-AFTRA’s fight against the misuse of its members’ likenesses by AI continued in April 2024, when it signed a preliminary agreement with major record labels against AI misuse.

In July, video game performing artists who are members of the union launched a strike over concerns about AI protections and “abuse” in the gaming industry.

We’ve also seen AI used to “resurrect” deceased artists. British entertainment company Layered Reality used AI to create a live performance of Elvis Presley using old personal photos and home video clips.

In November 2023, Universal Music Group (UMG) released the Beatles’ final song — “Now and Then” — by reproducing John Lennon’s vocal track using AI.

Governor Newsom has several AI-related bills on his desk, including the controversial Senate Bill 1047, which advocates for AI safety and an off-switch for AI models that “go astray.”

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Under California’s “Safe and Secure Innovation for Frontier Artificial Intelligence Models Act,” sometimes referred to as SB 1047, AI developers would be obliged to follow safety procedures to stop events such as mass fatalities or large cyberattacks.

The proposed rules also mandate an “emergency stop” button for artificial intelligence models, call for yearly third-party audits of AI safety standards, establish a new Frontier Model Division (FMD) to supervise compliance, and apply hefty fines for infractions.

Congress has objected, though, with US Congressman Ro Khanna releasing a statement on Aug. 13 opposing SB 1047, expressing concern that “the bill as currently written would be ineffective, punish individual entrepreneurs and small businesses, and hurt California’s spirit of innovation.”

Representing Silicon Valley, Khanna said, “To protect workers and address potential risks including misinformation, deepfakes, and an increase in wealth disparity,” AI legislation is needed.

Silicon Valley has also opposed the measure, with venture capital companies like Andreessen Horowitz claiming it will tax entrepreneurs and discourage creativity.

Claiming it would “burden startups because of its arbitrary and shifting thresholds,” 16Z chief legal officer Jaikumar Ramaswamy wrote a letter to Senator Scott Wiener, one of the bill’s authors, on Aug. 2.

Prominent industry researchers like Fei-Fei Li and Andrew Ng, who feel it will damage the AI ecosystem and open-source development, have also objected.

Computer scientist Li told Fortune on August 6: “If passed into law, SB-1047 will harm our budding AI ecosystem, especially the parts of it that are already at a disadvantage to today’s tech giants: the public sector, academia, and ‘little tech.'”

Big tech firms argue, meanwhile, that overregulation of artificial intelligence could stifle free expression and drive tech innovation outside of California.

In a June article on X, Meta’s main artificial intelligence scientist, Yann LeCun, warned the law will impede research initiatives, arguing “regulating R&D would have apocalyptic consequences for the AI ecosystem.”

Currently headed to the Assembly, where it must pass by Aug. 31, the measure passed the Senate with bipartisan backing in May.

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This new law gives full authority to the Financial Protection and Innovation Unit. (DFPI) on regulations while also granting it power to issue licenses to companies wanting to operate in the cryptocurrency sector. Also, DFPI will conduct an 18-month trial after implementing the law it has set.

California Governor Newsom Approves New Law

Governor Newsom of California says that this new cryptocurrency law will both increase confidence in the digital sector and reduce the rate of fraud. He also added that along with consumer and investor protection.

Another interesting piece of information is that last year when the law was being drafted, the DFPI team met with Coinbase executives. The two sides held a series of meetings on what the law should be like. Also, last year Governor Newsom rejected a cryptocurrency bill proposal because it had some shortcomings.

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