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In what is a monumental development for the digital asset sector within the country, California state representative Phillip Chen is reportedly set to draft pro-Bitcoin legislation. Indeed, Chen, a California Assembly member, is working with the nonprofit Proof of Workforce, according to an announcement on X (formerly Twitter). Chen has engaged the organization to work on a “variety of Bitcoin initiatives” for the state. Moreover, the collaboration will include a “draft policy for the upcoming legislative session,” the nonprofit announced. If drafted, California would be one of many states seeking to integrate cryptocurrencies in a notable way. 𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: CA Assemblymember Phillip Chen has engaged the Nonprofit, Proof of Workforce, to work on a variety of Bitcoin Initiatives for California, including draft policy for the upcoming legislative session!! pic.twitter.com/KRDjvPkLgq — Proof of Workforce (@workforcebtc) January 17, 2025 Also Read: Oklahoma Intro...

At least 111 BlockFi borrowers had continued repaying loans between Nov. 11 and Nov. 22, even though they didn't need to, according to court documents. Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year.  According to a March 27 statement from California's financial watchdog, the Department of Financial Protection and Innovation (DFPI), its investigation discovered at least 111 borrowers in California paid back roughly $103,471 in loan repayments between Nov. 11 and Nov. 22. The regulator claimed that BlockFi failed to "provide timely notification to borrowers that they could stop repaying their BlockFi loans." Californian @BlockFi users: BlockFi to refund over $100k after failing to notify borrowers about halting repayments post-FTX crash. The motion was filed, with a hearing set for April 19, 2023. Updates to follow. More info: https://t.co/b...