Blockchain News
California Takes ‘Wait and Watch’ Approach to Crypto
The governor of California has vetoed a bill that sought to establish a crypto licensing and regulatory framework in the state. In a letter dated Sept. 23, Gov. Gavin Newsom wrote that he is returning bill AB2269 without signing it. The proposed bill would have created a framework to regulate digital asset activity under the Department of Financial Protection and Innovation.
With various federal bodies preparing legislation to regulate digital financial assets, Newsom said that until federal regulations are in place, it is premature to look at a licensing structure at the state level. The bill was a result of research and consultation conducted by the state government after Newsom passed an Executive Order in May 2022 calling for transparent regulation that makes California a competitive place for crypto businesses.
“I am committed to working collaboratively with the Legislature to achieve the appropriate...
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