California Governor Vetoes Bill to Establish Licensing Framewo | Crypto World Analysis

California Governor Vetoes Bill to Establish Licensing Framework for Crypto Companies

The Governor of California, Gavin Newsom, has vetoed a proposed bill that seeks to create license requirements for crypto companies in the state. The bill sponsored by Democrat Assemblyman Tim Grayson was passed by the state assembly and senate last month. The Digital Financial Assets Law will create a much-needed framework for the crypto space.

The bill was first read on the floor of the California State Assembly in February this year. Both the senate and state assembly eventually passed it on August 30. But Newsom doesn’t think it is necessary, citing the cost of a new regulatory program. Newsom wrote that this bill “would require a loan from the general fund in the tens of millions of dollars for the first several years. Such a significant commitment of general fund resources should be considered and accounted for in the annual budget process.”.

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