​​California Crypto Licensing Bill Awaits Governor's Signature | Crypto Shake

​​California Crypto Licensing Bill Awaits Governor's Signature

A simple stroke of a pen is the last step needed to make California one of the first states to require cryptocurrency-related businesses to obtain a special license to operate in the state.

California Assembly member Timothy Grayson introduced the bill, AB 2269, with support from the Consumer Federation of California, which will establish the Digital Financial Assets Law.

The California Senate approved AB 2269 on Monday, with the Assembly voting to approve the following day. The bill now goes before California Governor Gavin Newsom, whose signature would enact it into law.

The aim of the proposed law, Grayson says in a press release, is to protect Californians from "financial hardship and foster responsible innovation by licensing and regulating the activities of cryptocurrency exchanges," adding that the bill would require licensees to "act in the best interest of a customer when it recommends a cryptocurrency."