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California Governor Vetoes Latest Crypto Bill, Says More Flexible Approach Needed To Oversee Industry

California Governor Vetoes Latest Crypto Bill, Says More Flexible Approach Needed To Oversee Industry

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California Governor Gavin Newsom has rejected a bill that would have imposed stricter regulatory measures on crypto companies operating in the Golden State.

Assembly Bill 2269, also known as the Digital Financial Assets Law, sought to require crypto companies such as exchanges to obtain a license from the California Department of Financial Protection and Innovation — or face fines of up to $100,000 for each day of violation.

In a letter to members of the California State Assembly, Newsom explain why he invoked the proposed legislation while saying that the public needs to be protected from the risks associated with crypto services and products.

“It is premature to lock a licensing structure into regulation without considering both this work and future federal action. A more flexible approach is needed to ensure that regulatory oversight keeps pace with rapidly evolving technology and use cases, and is tailored with the appropriate tools to address trends and mitigate consumer harm.”

Newsom says passing the bill has some financial implications that could affect the state budget.

“Implementing a new regulatory program is an expensive endeavor, and this bill would require borrowing tens of millions of dollars from the general fund for the first few years. Such a significant commitment of general fund resources should be considered and accounted for in the annual budget process.

The governor says he’s ready to work with the Legislature as soon as federal regulators establish clearer policies for digital resources.

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

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trades are at your own risk, and any losses are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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