The Aquarian Advocacy Group Launches Campaign to Defend Crypto Industry
LOS ANGELES — Following the virtual elimination of the cryptocurrency industries in New York and Washington State through so-called “BitLicenses,” similar legislation set to be introduced in California would cause the same mass exodus of crypto companies from the state. Similar BitLicenses have been introduced in Hawaii, Nevada, Rhode Island, and Oklahoma. The California bill is sponsored by the Assembly Majority Leader, one of the most powerful members of the legislature.
Today, The Aquarian Advocacy Group (TAAG) has formally launched as a new political advocacy organization to defeat these efforts to crush crypto innovation.
Among other devastating provisions of the California bill, the legislation would mandate that crypto companies themselves pay the costs of enforcing the new regulations, allow regulators to share private consumer information with regulators in other states and even foreign countries, and create penalties of $50,000 per day for each violation. The full text of the bill can be found here.
TAAG Executive Director, Margaux Avedisian, who has started three cryptocurrency exchanges since 2012 said: “Crypto companies in California do not need a license to operate. Passing unnecessary, innovation-crushing legislation will create a mass exodus of companies from California, just as New York and Washington State experienced when they passed BitLicenses.”
The Aquarian Advocacy Group is comprised of crypto consumers across the country who are concerned about protecting their privacy rights.
TAAG will run integrated campaigns to mobilize the crypto community to defeat the California BitLicense and other BitLicenses throughout the country, as well as promoting legislation that supports innovation in cryptocurrencies. TAAG has retained top, national political consultants to lead these multi-state campaigns.