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Crypto Advocates Cheer California Governor’s Veto of Regulatory Bill

Crypto Advocates Cheer California Governor’s Veto of Regulatory Bill

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California Governor Gavin Newsom has blocked a statewide bill that would have created a regulatory framework to regulate cryptocurrencies — and crypto supporters are excited.

On Friday memorandum Detailing the veto, Newsom called Assembly Bill 2269 “premature” and said a “more flexible approach” was important for the state because he believes blockchain technology is still evolving.

The veto came despite strong support in the state legislature, where the bill received 71 “yes” votes, 0 “no” votes and nine abstentions.

If it were signed into law, crypto companies would have had to obtain a state-approved license to operate in California.

In his veto message, Newsom also cited the significant costs of implementing the law, sharing that passage of AB2269 would require the state to borrow “tens of millions of dollars.”

In particular, Newsom also wants to wait until the federal government’s view on cryptocurrencies is settled and the results of his May executive order on cryptocurrencies are presented. Earlier this year, Newsom signed the contract Executive Order N-9-22 his administration to explore cryptocurrencies and “create a transparent regulatory environment” for it in California.

“It is premature to lock the licensing structure into regulations without considering both this work and future federal action,” Newsom wrote in the memo.

Newsom isn’t the only one concerned about AB 2269. The Chamber of Progress – a crypto policy advocacy coalition with partners such as Amazon, Apple, Circle, FTX US and Meta – also took issue with aspects of the bill and in June requested several amendments that were incorporated into the final draft.

The Chamber of Progress then issued a new one memorandum approval of the latest version of the bill pending a few further amendments. Specifically, it did not want California to ban algorithmic stablecoin licenses and asked for clarification on which cryptocurrencies would fall under its purview. Department of Economic Protection and Innovation.

But Chamber of Progress CEO Adam Kovacevich is actually pleased with Newsom’s veto decision.

“This allows the California Legislature to take a less rushed and more comprehensive approach to developing crypto regulations that protect consumers and enable innovation,” Kovacevich said in a statement. “Over the next few years, California and other states have a huge opportunity to get crypto regulation right.”

Attorney Hailey Lennon also welcomed Newsom’s decision, calling it “good news” for the crypto industry.

Similarly, crypto lobbying group Blockchain Association was excited by the veto news, calling the bill “misleading.”

“We applaud Gov. Gavin Newsom’s veto of California Assembly Bill 2269, which threatened to stifle innovation and stop California’s emerging crypto industry in its tracks,” the group wrote. opinion.

Tributes continued to flow, as Blockchain Association policy director Jake Chervinsky said Newsom “deserves serious respect” for rejecting AB 2269.

JW Verret, Associate Professor of Law at George Mason University, was also glad that Newsom rejected “crazy crypto registry invoice.”

While crypto supporters are happy with the veto, Rep. Tim Grayson, who introduced the bill, expressed his frustration on Twitter.

“The cryptocurrency market is at best underregulated and at worst deliberately rigged against everyday consumers,” Grayson argued in a statement.

But California’s regulatory battle is far from over.

“Assemblyman Grayson announced that he will reintroduce his bill,” Kovacevich wrote.

Stay up to date with crypto news, get daily updates in your inbox.



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