{"id":67655,"date":"2022-09-26T10:39:32","date_gmt":"2022-09-26T07:39:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67655"},"modified":"2025-09-07T07:51:36","modified_gmt":"2025-09-07T04:51:36","slug":"california-governor-vetoes-cryptocurrency-regulation-bill","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/california-governor-vetoes-cryptocurrency-regulation-bill\/","title":{"rendered":"California Governor vetoes cryptocurrency regulation bill"},"content":{"rendered":"

California Governor Gavin Newsom vetoed<\/a> a bill that would license companies to provide crypto-financial services in the state.<\/p>\n

The document imposes tighter oversight of the industry. In particular, it requires stablecoin issuers using securities as reserves to hold them at a value at least equal to the aggregate value of outstanding coins issued or sold in the United States.<\/p>\n

The bill is based on New York State’s BitLicense rules introduced in 2015. The latter have repeatedly faced criticism and led some crypto firms to exit the state.<\/p>\n

According to Newsom, it would be premature to establish a licensing regime without considering feedback on the document. The governor also noted the possibility of a future federal regulatory framework.<\/p>\n

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\\”There is a need for a more flexible approach so that regulatory oversight can keep pace with rapidly evolving technologies […], and to use appropriate tools to account for trends and reduce harm to consumers,\\” the state leader said.<\/p>\n<\/blockquote>\n

He noted that implementing the document would require additional funding not provided for in the current budget.<\/p>\n

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\\”I intend to work in cooperation with lawmakers to achieve proper regulatory clarity, […] and at the same time ensure that California remains a competitive place for investment and innovation,\\” the governor concluded.<\/p>\n<\/blockquote>\n

State Assembly member Tim Grayson reminded that the rules were backed by the California Legislature<\/a>.<\/p>\n

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The cryptocurrency market is under-regulated at best and deliberately rigged against everyday consumers at worst. A financial market cannot be considered healthy if there are no guardrails in place to protect consumers from scams & bad actors. My statement on the veto of AB 2269: pic.twitter.com\/etEDRq2I4g<\/a><\/p>\n

\u2014 Tim Grayson (@AsmGrayson) September 24, 2022<\/a><\/p><\/blockquote>\n