{"id":66579,"date":"2022-09-01T10:45:27","date_gmt":"2022-09-01T07:45:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66579"},"modified":"2025-09-07T02:03:57","modified_gmt":"2025-09-06T23:03:57","slug":"california-legislature-approves-cryptocurrency-regulation-bill","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/california-legislature-approves-cryptocurrency-regulation-bill\/","title":{"rendered":"California Legislature approves cryptocurrency regulation bill"},"content":{"rendered":"<p>The California Legislature has approved a bill that would license companies providing crypto-financial services in the state. The measure now goes to Governor Gavin Newsom for signing.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Press Release: Consumer Federation of California Sponsored Digital Asset\/Cryptocurrency Licensing Bill Sent to Governor with Strong Bipartisan Support<a href=\"https:\/\/twitter.com\/AsmGrayson?ref_src=twsrc%5Etfw\">@AsmGrayson<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AB2269?src=hash&#038;ref_src=twsrc%5Etfw\">#AB2269<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CALeg?src=hash&#038;ref_src=twsrc%5Etfw\">#CALeg<\/a> <a href=\"https:\/\/t.co\/1J0mWio8xE\">pic.twitter.com\/1J0mWio8xE<\/a><\/p>\n<p>\u2014 Consumer Federation of California (@consumercal) <a href=\"https:\/\/twitter.com\/consumercal\/status\/1564761920858574848?ref_src=twsrc%5Etfw\">August 30, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>By September 30, Newsom must either sign the bill or veto it. If approved, the measure would take effect in January 2025.<\/p>\n<p>The California Digital Financial Assets Act is based on New York&#8217;s BitLicense rules introduced in 2015.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWhile the novelty of cryptocurrency is part of what makes investing exciting, it also poses risks for consumers, as companies in the space are not adequately regulated and should not have to follow many of the same rules that apply to everyone else,\u201d said the bill&#8217;s author Tim Grayson.<\/p>\n<\/blockquote>\n<p>Among the California bill&#8217;s provisions is a ban on issuing stablecoins by issuers that are not banks or not licensed by the Department of Financial Protection and Innovation. The restriction will be phased out by 2028.<\/p>\n<p>Another provision regarding stablecoins requires issuers that use securities as reserves to hold them at a level at least equal to the aggregate value of outstanding coins issued or sold in the United States.<\/p>\n<p>Overall, the bill tightens regulation and oversight of the sector. New York&#8217;s BitLicense regime has repeatedly faced criticism for its stringency. Its operation has driven some crypto companies out of the state. Even the Department of Financial Services has called for relaxing the rules.<\/p>\n<p>The California version faced opposition from the industry lobbying group Blockchain Association.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe bill imposes shortsighted and unnecessary restrictions that would impede crypto innovators\u2019 ability to operate and push many out of the state,\u201d the group said.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">2\/ State Assembly Bill A.B. 2269 creates shortsighted and unhelpful restrictions that would impede crypto innovators\u2019 ability to operate and push many out of the state.<\/p>\n<p>This proposal is inconsistent with the Governor\u2019s vision for crypto policy in California.<\/p>\n<p>\u2014 Blockchain Association (@BlockchainAssn) <a href=\"https:\/\/twitter.com\/BlockchainAssn\/status\/1564355945479684096?ref_src=twsrc%5Etfw\">August 29, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In July, amid a market downturn, the <span data-descr=\"Federal Reserve\" class=\"old_tooltip\">Federal Reserve<\/span> urged <a href=\"https:\/\/u1f987.com\/en\/news\/fed-calls-for-tighter-regulation-of-the-cryptocurrency-industry\">to tighten regulation and supervision<\/a> of the crypto industry at the federal level.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> for cryptocurrency news, prices, and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The California Legislature approved a bill that would license companies providing crypto-financial services in the state. The measure has been sent to Governor Gavin Newsom for signing.<\/p>\n","protected":false},"author":1,"featured_media":66580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-66579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66579"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66579\/revisions"}],"predecessor-version":[{"id":66581,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66579\/revisions\/66581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66580"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}