California Banking and Finance Committee OK’s Bitcoin Bill

It will cost almost $10,000 for someone in SF to launch a Bitcoin start-up that can operate in California. Imagine the cost of a business which serves all 50 states if they all roll-out similar legislation!

Non-refundable license application fee: $3,500

License fee: $5,000

Annual License Renewal: $2,500

Annual Physical Location (per location) Fee: $125

CA LLC minimum fee: $800

SF Annual Business License Fee: $90

I hope well-funded VC start-ups like CoinBase did not contribute to this awful bill. Why would a random legislator in Los Angeles propose AB-1326?

http://www.scribd.com/doc/263598568/AB-1326-Virtual-Currency...