"We would expect the creation of a new 'enrollment program' would take the place of money transmission licensing, thus providing clarity," Brito said. California state's plans to introduce legislation creating a Coin Center Executive have stalled after the latest version of the bill drew criticism from virtual currency advocates for its lack of clarity. BitLicense Director Mark Farouk 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 annually .
California state's plans to introduce legislation creating a Coin Center Executive have stalled after the latest version of the bill drew criticism from virtual currency advocates for its lack of clarity. BitLicense Director Mark Farouk 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 annually .