California Bill Aims to Recognize Blockchain Records

California Bill Aims to Recognize Blockchain Records

The state of California has introduced a new bill that aims to recognize blockchain transactions, digital signatures, and smart contracts as a legal form of record. Assemblyman Ian Calderon introduced Assembly Bill 2658 on February 20 in order to re-define laws that apply to electronic records that take place within the state.  

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

California State Assembly Person Introduces Blockchain Record Keeping Bill  

California Bill Aims to Recognize Blockchain RecordsAn American lawmaker serving in the California State Assembly in the 57th district, Ian Calderon, wants blockchain records, and smart contracts to be covered under California law. Calderon, a Democrat from the Gateway Cities region, believes these types of records and definitions should be included the California court system. Essentially the bill proposes that records or signatures will not be able to be denied because they are presented in electronic form.

“A record that is secured through blockchain technology is an electronic record,” Assembly Bill 2658 explains.           

A signature that is secured through blockchain technology is an ‘electronic signature’ and also updates the term ‘contract’ to account for smart contracts, or self-executing pieces of code that trigger when certain conditions (like a reaching a particular block number on a blockchain) are met.

Assembly Bill 2658 Will Also Cover Blockchain Storage

California Bill Aims to Recognize Blockchain Records
California’s 57th district democrat, Ian Calderon.

The California State Assembly bill will have to be approved by other state lawmakers alongside Governor Jerry Brown’s signature in order for it to become law. Calderon’s proposal aims to define blockchain storage recorded by blockchain technology as well. However, U.S. agencies can suspend a business licensee that provides electronic records if they failed to comply with certain sections of U.S. money transmission laws.

California’s State Assembly bill is very similar to bills introduced in Arizona, Vermont, and Florida. These three states also have lawmakers proposing new definitions and laws that recognize blockchain transactions, digital signatures, and smart contracts. If Assembly Bill 2658 pushes through California’s legislature and Governor Jerry Brown’s desk then the law will stay in place until January 1, 2021.

What do you think about the proposed bill that’s making its way towards California legislature? Do you think most U.S. states will follow this path? Let us know what you think in the comments below.  

Images via Shutterstock, Ian Calderon’s Assembly office, and the California State Assembly.

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CryptoCurrency Daily Recap 22nd FEB

CryptoCurrency Daily Recap 22nd FEB

Ethereum / Dollar BITFINEX:ETHUSD

Long term view for BTC is bearish . Currently BTC             is trading below 50 MA and also below 100 MA.
BTC             is currently trading at 10107 and holding both support and psychological level at 10000.
Having said that it seems there are still some gas left in BTC             , means BTC             is expected to bounce back again from this level and trade between 10K and 12K for some time before turning back.

BCH looks pretty grim with “death cross” MA 40/MA 80, price at MA 80 level was rejected by market. BCH is currently trading at 1210, 1200 is a strong support level for BCH and also a physiological level.
This level is expected to hold BCH for some time and expect choppy market for BCH for next couple of days with price likely to move between 1200 and 1500 before BCH breaks down 1200.

ETH is currently trading at and above 100MA, above 800, which is also a support level . ETH is expected to hold this level for some time and likely to bounce back from here.

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Markets Update: BTC Prices Dip Below $10K

Markets Update: BTC Prices Dip Below $10K

BTC prices and a vast majority of other cryptocurrencies have taken a significant dive over the past 24-hours as the entire crypto-economy shaved $75Bn from its recent highs this week. BTC/USD markets dropped to a low of $9,730.

Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media

Crypto-Markets See Losses Between 3-20 Percent

Two days ago BTC/USD markets reached a high of $11,780 across global trading platforms, but bulls seem to have lost some of the momentum. Presently bulls are trying to get the price back above the $10K region after dipping well below that range on February 22. Trade volume is a bit thinner today as $8.5Bn has been traded over the past 24-hours. The top five exchanges swapping the most BTC today includes Binance, Bitfinex, Okex, Upbit, and Bithumb. All of these trading platforms are trading less than $1Bn in trade volume per exchange. The Japanese yen is still leading the pack when it comes to currency by volume with the nation’s money dominating by 39 percent. This is followed by the USD (28%), tether (USDT 17%), the Korean won (5.9%), and the euro (5.4%).

Markets Update: BTC Prices Dip Below $10K
Bitcoin Wisdom/Bitstamp (BTC/USD) 5-minute chart. From $11,760 to a low of $9,730 on February 22 2018.

Technical Indicators

Technical indicators show some differences since our last markets update. For instance, the two Simple Moving Averages (SMA) have crossed paths earlier this morning. The 200 SMA is now above the short term 100 SMA, indicating the current bearish sentiment may last a bit longer before a rebound. However MACd, RSI, and Stochastic are all heading northbound after the price touched the $9,700 region.

Markets Update: BTC Prices Dip Below $10K
BTC/USD prices are currently hovering around $9,880 at the time of writing.

Order books show bulls have to break the $10,200 territory in order to continue climbing upwards smoother. There will also be pitstops around $10,500-10,700. On the back side, support has increased since the dump, and solid foundations can be found between $9,700-9,100. If the price breaks the Displaced Moving Average (DMA) at $9,100, there is still a lot of foundational support between $8,700 through $8,200.

Overall Digital Asset Market Performances

In general, the entire cryptocurrency ecosystem is suffering from losses between 3-20 percent. Ethereum (ETH) markets are down 3.9 percent today with a price of around $810 per ETH. The third highest capitalization held by ripple (XRP) is down 8.8 percent as one XRP is trading for $0.93. Bitcoin cash (BCH) prices are seeing markets lose 7.9 percent and the price per BCH is roughly $1,208. Lastly, the fifth highest market valuation held by litecoin (LTC) is down 7.6 percent. Litecoin’s price is hovering around $196 per LTC at the time of publication. The entire cryptocurrency market cap is about $430Bn with bitcoin core (BTC) markets dominating by 39 percent.

Markets Update: BTC Prices Dip Below $10K

The Verdict: Crypto Traders Are Still Optimistic

Currently, traders and enthusiasts in chat rooms and forums are discussing how far this dip will go after experiencing a significant downturn over the first five weeks of the new year. Some believe the current correction may just be a ‘bear trap’ where the price pulls down low enough to where traders can get better entry points. Typically a trap doesn’t last long and reverses soon after the lowest or highest (bull trap) price point. Some speculate crypto-prices are being affected by the tumultuous global stock markets. There’s been some recovery in traditional stock and equities markets today, so some traders may have moved from digital assets to different markets. Prior to the recovery stock markets suffered a lot yesterday after a six-day winning streak. Stocks worldwide dropped significantly in value especially in the U.S. For instance, well-known companies like Walmart suffered from the most profound price declines since 1988. Overall even with the current dip, cryptocurrency traders are optimistic the bull run is just getting started.

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Bitstamp, Bitcoin Wisdom, AP, and Coinmarketcap.

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