Blockchain Association Reacts to Reintroduction of California Assembly Bill 39

Washington, D.C. (Jan. 31, 2023) – The following statement is attributed to Kristin Smith, Blockchain Association CEO: 

“The issues with CA AB 39 remain unresolved since Governor Newsom vetoed the bill last year. A costly, unworkable compliance regime that rests on poorly-written digital assets-related definitions will stifle the growth of the industry in California and push its founders, entrepreneurs, and investors to other jurisdictions. Consumer protection is vital, and it is a fundamental goal shared by the industry, but preemptively punishing crypto companies for perceived infractions will not contribute to a sustainable, pro-technology regulatory regime.”