A California bill that would require crypto financial-service businesses to get a special license is now closer to becoming law, with the Assembly voting to approve it Tuesday after the Senate gave it the nod a day earlier. It now heads to the desk of Governor Gavin Newsom, who has until Sept. 30 to sign or veto the bill.
If signed into law, the legislation -- called the Digital Financial Assets Law -- would introduce tighter crypto regulations and more oversight for the industry in California. The bill, which would go into effect January 2025, would require companies like digital-asset exchanges to get licensed with the state’s Department of Financial Protection and Innovation.
Assembly member Timothy Grayson, a Democrat who introduced the legislation, said in a statement that the bill’s passage shows “the Legislature’s understanding that a healthy cryptocurrency market can only exist if simple guardrails are established.”
With today’s vote, California is now set to forge a path...
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