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 .
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 Center Executive Director Jerry Brito complained in a letter that the current bill "not only provides no regulatory clarity, it will likely stifle innovation if enacted unchanged." The legislation introduces an enrolment programme for virtual currency businesses, 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.