The California Department of Business Oversight (DBO) released conflicting statements today regarding how bitcoin regulation will move forward in the most populous US state.
In statements to Bloomberg, the DBO stated that it had elected not to exercise its authority to regulate bitcoin and digital currencies, instead passing this determination to the state legislature.
DBO spokesperson Tom Dresslar explained his department’s decision in conversation with Bloomberg, first stating that he believed that the legislature would be best suited to draft a regulatory regime in the best interest of consumers and businesses.
However, such statements were recanted within hours.
Dresslar told CoinDesk:
“We haven’t made a decision. We’re still in the process of how or if at all to regulate virtual currency business under our current statutory scheme. “
Dresslar offered no additional comment on the day’s events.
The update is the first since the DBO’s December announcement that a meeting would be held to address the topic.
As of January, the meeting had been delayed, prompting uncertainty as to when or if the bank and money transmitter regulator would come to a formal decision.
California image via Shutterstock