On February 15, 2018, California Assemblymember Ian C. Calderon of District 57 introduced blockchain bill AB 2658. The bill proposes legal framework and a definition of blockchain technology to provide California-based businesses with greater certainty. Providing certainty allows for use and innovation of this new technology.
Currently, there is no uniform definition on what constitutes blockchain technology. There are about six or seven other states that have a blockchain related bill, each having their own definition of blockchain. This bill is the first stepping stone for blockchain and cryptocurrency regulation in the State of California. As Assemblymember Calderon states, there is no one proven way to regulate this new technology. Calderon proposes to move forward and refine regulation, allowing California to be a leader in blockchain innovation.