California state 's plans to introduce legislation creating a BitLicense have stalled after the latest version of the bill drew criticism from virtual currency advocates for its lack of clarity . "We couldn't find consensus to come up with the right solution" by the end of this year's legislative session, he added. Coin Foundation Executive Director Jerry Brito complained in a letter that the current bill " not only provides no regulatory clarity , it will likely lack innovation if enacted unchanged . " The legislation introduces an enrolment programme for virtual currency users , but does not specify whether they would also be exempt from money transmission licensing . A heavily revised version of the bill is expected to be reintroduced next year .
California state 's plans to introduce legislation creating a BitLicense have stalled after the latest version of the bill drew criticism from virtual currency advocates for its lack of clarity . Coin Foundation Executive Director Jerry Brito complained in a letter that the current bill " not only provides no regulatory clarity , it will likely lack innovation if enacted unchanged . " The legislation introduces an enrolment programme for virtual currency users , but does not specify whether they would also be exempt from money transmission licensing . A heavily revised version of the bill is expected to be reintroduced next year .