The post California State Assembly Plans to Draft Pro-Bitcoin Legislation and Back Bitcoin Initiatives appeared first on Coinpedia Fintech News
As excitement builds in the crypto market with the upcoming inauguration of President Trump on January 20, several U.S. states are starting to adopt more crypto-friendly policies. In an important development, California State Representative, Republican Phillip Chen, is making an effort to create pro-Bitcoin legislation. This move could give investors a clearer picture of Bitcoin’s future, creating new highs for the asset.
California to Focus on Several Bitcoin Initiatives
The office of California Assembly Member Phillip Chen, a Republican, has partnered with Proof of Workforce, a non-profit from Santa Monica that focuses on teaching workers, unions, pensions, and local governments about Bitcoin. They will collaborate on various Bitcoin-related projects and assist in drafting a bill for the next legislative session.
Led by its founder Dom Bei, Proof of Workforce will collaborate with Chen’s policy team to focus on educational efforts and community outreach, while also investigating how Bitcoin can contribute to the development and restoration of infrastructure and communities across California.
Bei said, “Bitcoin’s Genesis story has deep roots in California. A huge part of that Genesis Story is an innovative network, designed to protect the time, energy, and value of everyday, working people. Bitcoin isn’t partisan, it’s uniquely Californian.”
This isn’t the first time Proof of Workforce has introduced Bitcoin to California governments. Last summer, they teamed up with the City of Santa Monica to establish an official Bitcoin office. Since its opening, the office has attracted significant attention, says Santa Monica’s Mayor Lana Negrete. Additionally, the City Manager mentioned that other cities have been inquiring about Santa Monica’s Bitcoin initiatives.
Efforts like this help Bitcoin become more popular. As California’s government starts using Bitcoin, and with the U.S. government supportive under President Trump, it’s likely that more state agencies will begin using Bitcoin in the future.
The ‘Trump-Bump’ Effect Skyrockets BTC Price
Donald Trump’s presidency has significantly impacted financial markets. After his re-election, asset prices, particularly in cryptocurrencies, have seen substantial increases. Last year, the total value of digital currencies doubled, with Bitcoin reaching a new peak of just over $100,000, driven by Trump’s pro-crypto stance during his campaign.
Trump has talked about setting up a government reserve of bitcoin, similar to the U.S. stockpiles of gold and oil. He has nominated supporters of cryptocurrency to lead the Securities and Exchange Commission (SEC) and the Treasury.
Also read: Donald Trump’s Jan 20 Inauguration Sparks Bitcoin Reserve Debate: Could Prices Soar?
Trump is preparing to issue an executive order that will prioritize cryptocurrency in his policies and involve industry experts in his administration.
The order will likely declare crypto as a national priority, a move to encourage government agencies to collaborate with the sector. It’s also expected to establish a crypto advisory council to push for the industry’s policy goals.
