California pushes bill to protect self-custody rights for Bitcoin
AB-1052, often known as the “Bitcoin Rights” bill, was filed by the California Assembly, marking the beginning of legislative action on cryptocurrency governance. The legislation introduced by Assemblymember Juan Carrillo Valencia, who chairs the Banking and Finance Committee, aims to provide legal status for digital asset self-custody. The charity Satoshi Action Fund confirmed the bill’s introduction to the public on March 29 in a statement shared on the social media site X.
We are proud to officially announce that ‘Bitcoin Rights’ has been introduced in the California Assembly by the Chair of Banking and Finance, Assemblyman Valencia. Once passed, nearly 40 million Americans will have their right to self-custody protected!
The group stated, “We fully endorse the bill’s creation of legal frameworks for managing ‘unclaimed property’ for digital assets.” The nonprofit advocacy group Satoshi Action Fund works to advance state and federal laws that support bitcoin and digital assets. Through model policy initiatives, the group works with legislators, regulators, and business leaders to advance innovation, property rights, and financial independence.
Number of elements in this bill
A number of elements in the bill, AB-1052, are designed to improve protections for users of digital assets. While prohibiting government organizations from enforcing taxes or other regulations based only on the usage of assets in payments, it expressly upholds the California pushes bill to protect self-custody rights bitcoin and other digital assets. In order to guarantee that unclaimed digital property is protected by licensed custodians rather than being left in administrative limbo, a different part of the law creates a legal procedure for handling such assets.
Additionally, the proposed legislation seeks to modify the Political Reform Act of 1974 to prohibit public officials from issuing, sponsoring, or promoting any digital asset, security, or commodity—an effort to separate political influence from emerging financial technologies. Supporters of the bill say it sets a crucial precedent in defending property rights in the digital economy. Dennis Porter, CEO and co-founder of Satoshi Action Fund, underscored the importance of the bill’s passage, stating:
This is an important step forward for bitcoin and digital asset rights. We must ensure that innovative technologies remain accessible to individuals.
The bill’s supporters say it might be used as a model for other municipalities. They claim that the passage of AB-1052 in California might spark national discussions on regulatory infrastructure and encourage other states to follow suit.
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