California State Assembly Plans to Draft Pro-Bitcoin Legislation and Back Bitcoin Initiatives

As enthusiasm grows in the crypto market with the upcoming inauguration of President Trump on January 20, several US states are beginning to adopt more crypto-friendly policies. In a significant development, California State Representative, Republican Phillip Chen, is working to create pro-Bitcoin legislation. The move could give investors a clearer picture of Bitcoin’s future, creating new highs for the asset.

California to Focus on Multiple Bitcoin Initiatives

The office of Republican California Assembly Member Phillip Chen has partnered with Proof of Workforce, a Santa Monica nonprofit focused on teaching Bitcoin to workers, unions, pensioners and local governments. They will collaborate on various Bitcoin-related projects and help draft a bill for the upcoming legislative session.

Led by founder Dom Bei, Proof of Workforce will collaborate with Chen’s policy team to focus on educational efforts and community outreach, while exploring how Bitcoin can contribute to the development and restoration of infrastructure and communities across California.

Bei said: “The story of Bitcoin Genesis has deep roots in California. A big part of this Genesis story is an innovative network, designed to protect the time, energy and value of everyday workers. Bitcoin is not partisan, it is uniquely Californian.

This is not the first time Proof of Workforce has presented Bitcoin to California governments. Last summer, they partnered with the city of Santa Monica to create an official Bitcoin office. Since its opening, the office has attracted considerable attention, says Santa Monica Mayor Lana Negrete. Additionally, the city manager mentioned that other cities have inquired about Santa Monica’s Bitcoin initiatives.

Efforts like this help Bitcoin become more popular. As the California government begins using Bitcoin and the U.S. government supports it under President Trump, it is likely that more state agencies will begin using Bitcoin in the future.

“Trump-Bump” effect sends BTC price skyrocketing

The presidency of Donald Trump has had a considerable impact on financial markets. After his re-election, asset prices, particularly cryptocurrencies, saw substantial increases. Last year, the total value of digital currencies doubled, with Bitcoin reaching a new high of just over $100,000, driven by Trump’s pro-crypto stance during his campaign.

Trump has talked about creating a government reserve of bitcoins, similar to U.S. gold and oil stocks. He has appointed cryptocurrency supporters to run the Securities and Exchange Commission (SEC) and the Treasury.

Also read: Donald Trump’s inauguration on January 20 triggers debate on Bitcoin reserve: could prices skyrocket?

Trump is preparing to issue an executive order that will prioritize cryptocurrency in his policies and involve industry experts in his administration.

The order will likely declare crypto as a national priority, a move aimed at encouraging government agencies to collaborate with the industry. There are also plans to create a crypto advisory council to promote the sector’s policy goals.