Assembly bill 39:
A crypto framework written for banks, not people
We strongly oppose AB39, a bill that will expel, hamstring and irreparably harm the emerging California cryptocurrency industry.
Assembly bill 39:
A crypto framework written for banks, not people
We strongly oppose AB39, a bill that will expel, hamstring and irreparably harm the emerging California cryptocurrency industry.
What does ab39 mean for you?
What does ab39 mean for you?
NO LICENSE? GET OUT AND GEO-BLOCK CALIFORNIA PERMANENTLY
California's draconian AB 39 will force businesses to either jump through licensing hoops or face expulsion from the state, effectively blocking them from operating in California altogether. This oppressive measure prioritizes bureaucracy over innovation.
ENFORCEMENTS AND PENALTIES
AB 39 imposes crushing penalties of up to $100,000 per day for unlicensed operations, wielding excessive power to shut down businesses with punitive fines. This is a blatant overreach designed to intimidate and control.
STABLECOIN RULES: WRITTEN BY THE BANKERS
AB 39's stringent requirements for stablecoins, forcing them to be fully backed and issued by licensed entities or banks, clearly serves banking interests at the expense of crypto innovation. It's a transparent move to stifle competition and maintain the banking monopoly.
GAMEFI IS NOW ILLEGAL
Under AB 39, the innovative GameFi sector is effectively outlawed by restrictive definitions that prevent the integration of DeFi assets into gaming. This law kills creativity and new business models in gaming before they even have a chance to flourish.
SURETY BONDS (UNSURE WHAT/HOW MUCH/WHY?)
AB 39 mandates burdensome surety bonds or trust accounts, creating financial barriers that small businesses will struggle to meet. These unnecessary financial requirements are a tactic to choke out smaller competitors.
UNANNOUNCED GOVERNMENT INSPECTIONS
AB 39 grants the DFPI the power to conduct intrusive, unannounced inspections of businesses, ensuring no company can operate without constant fear of arbitrary scrutiny. This law promotes a culture of surveillance and control over freedom and innovation.
REGULATORS HAVE UNLIMITED POWER AND DISCRETION OVER YOU
AB 39 hands over unchecked authority to regulators, allowing them to impose fines, revoke licenses, and shut down businesses at their whim. This egregious power grab leaves companies at the mercy of arbitrary and capricious enforcement.
NO LICENSE? GET OUT AND GEO-BLOCK CALIFORNIA PERMANENTLY
California's draconian AB 39 will force businesses to either jump through licensing hoops or face expulsion from the state, effectively blocking them from operating in California altogether. This oppressive measure prioritizes bureaucracy over innovation.
ENFORCEMENTS AND PENALTIES
AB 39 imposes crushing penalties of up to $100,000 per day for unlicensed operations, wielding excessive power to shut down businesses with punitive fines. This is a blatant overreach designed to intimidate and control.
STABLECOIN RULES: WRITTEN BY THE BANKERS
AB 39's stringent requirements for stablecoins, forcing them to be fully backed and issued by licensed entities or banks, clearly serves banking interests at the expense of crypto innovation. It's a transparent move to stifle competition and maintain the banking monopoly.
GAMEFI IS NOW ILLEGAL
Under AB 39, the innovative GameFi sector is effectively outlawed by restrictive definitions that prevent the integration of DeFi assets into gaming. This law kills creativity and new business models in gaming before they even have a chance to flourish.
SURETY BONDS (UNSURE WHAT/HOW MUCH/WHY?)
AB 39 mandates burdensome surety bonds or trust accounts, creating financial barriers that small businesses will struggle to meet. These unnecessary financial requirements are a tactic to choke out smaller competitors.
UNANNOUNCED GOVERNMENT INSPECTIONS
AB 39 grants the DFPI the power to conduct intrusive, unannounced inspections of businesses, ensuring no company can operate without constant fear of arbitrary scrutiny. This law promotes a culture of surveillance and control over freedom and innovation.
REGULATORS HAVE UNLIMITED POWER AND DISCRETION OVER YOU
AB 39 hands over unchecked authority to regulators, allowing them to impose fines, revoke licenses, and shut down businesses at their whim. This egregious power grab leaves companies at the mercy of arbitrary and capricious enforcement.
AB 39 has the hallmarks of a bill written by powerful banking interests under the guise of consumer protection with the explicit intent of harming innovation and industry growth.
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