An amended California bill that proposes protections for digital asset payments and self-custody is awaiting its first reading in the state legislature.

On March 28, California’s Banking and Finance Committee chair Avelino Valencia amended Assembly Bill 1052, stripping out the original “Money Transmission Act” title and renaming it as “Digital assets.” 

The revisions fold in a broad slate of digital asset-related protections, effectively reshaping the bill’s focus.

If passed, the bill would make it legal for any individual or business in the state to “accept payment in the form of a digital financial asset” for goods or services. 

It also clarifies that digital assets used in private transactions will be treated as “valid and legal consideration.” Meanwhile, public entities …