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California Governor Vetoes a Crypto Regulatory Bill, Wants More Clarity

California Governor Vetoes a Crypto Regulatory Bill, Wants More Clarity

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Gavin Newsom – the governor of California – refused to sign legislation that would have required cryptocurrency companies and individuals in the state to obtain a specific license to operate in the region. Instead, he argued, authorities should impose more flexible rules to “keep up with the rapidly evolving technology and use cases” of digital assets.

Earlier this year, Governor Newsom issued an executive order on cryptocurrencies aimed at creating a bridge between California businesses and blockchain technology.

Say “no” to heavy regulation

Several months ago, the California Assembly introduced a proposed crypto regulatory bill, AB 2269, titled “Digital Financial Asset Businesses: Regulation.”

If approved by relevant authorities, the legislation would prohibit individuals or businesses in the region from using digital assets without obtaining a mandatory license from the California Department of Financial Protection and Innovation (DFAI). In addition, the agency would require companies to keep records of all local customer activity for at least five years.

However, Governor Gavin Newsom (known as a proponent of the blockchain industry) vetoed the proposed law. He said such legislation would be an “expensive undertaking” and officials would need “tens of millions of dollars” in loans from the general fund to enforce the rules.

He noted that the digital asset sector has become increasingly popular in California, and therefore future regulations should not stop the “rapidly evolving technology.” He later promised to cooperate with US authorities and implement crypto-friendly rules in the region in the near future:

“I am committed to working with the Legislature to provide appropriate regulatory clarity as federal regulations become more tightly targeted on digital financial assets, while ensuring that California remains a competitive place for businesses to invest and innovate.”

Gavin Newsom, Source: Bloomberg

Newsom wants California to become a crypto hub

In May of this year, the politician introduced the Digital Resources Executive Order, which laid out a road map for regulation and consumer protection and explored how blockchain technology could be incorporated into California business. Dee Dee Myers – Senior Advisor to Governor Newsom spoke at the motion:

“Of the 800 blockchain companies in North America, about a quarter are in California, dramatically more than any other state. We’ve heard from so many people that they want to be here, and we want to help them do it responsibly.

Realizing the huge potential of the crypto industry, Newsom’s order also aimed to make California a global hub for blockchain technology.

“The possibilities are almost limitless. For example, we can remove intermediaries from transactions related to real estate or even cars. We can use it to protect people’s identities and provide people with benefits through government services,” Myers said.

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