California Governor Gavin Newsom has vetoed a statewide bill that would have established a regulatory framework for cryptocurrency regulation—and crypto proponents are thrilled.
In a Friday memo detailing the veto decision, Newsom called Assembly Bill 2269 “premature” and said a “more flexible approach” was essential for the state because he believes blockchain technology is still evolving.
The veto came despite strong support in the state legislature, where the bill secured 71 “yes” votes, 0 “no” votes, and nine abstentions.
If it had been signed into law, crypto firms would have been required to acquire a state-approved license to operate in California.
In his veto message, Newsom also cited the substantial cost of implementing the bill, sharing that the passage of AB2269 would require a loan in “the tens of millions of dollars” for the state.
Notably, Newsom also wants to wait until the federal government’s stance on crypto regulation is solidified and the results of his May...
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