The post Crypto Oversight Bill Introduced In California Vetoed By Governor appeared first on Coinpedia Fintech News
California Governor Gavin Newsom vetoes a crypto oversight bill, ‘Assembly Bill 2269’. The bill was intended to ensure that crypto businesses and exchanges acquire a special license from the California Department of Financial Protection and Innovation. The ’Digital Financial Assets Bill’ was aiming to tighten oversight over crypto companies in California. Notably, the bill had passed the assembly (with a 71-0 vote) and the state senate.
The reason behind the veto was the rising popularity of cryptocurrencies. Newsom emphasized the need for transparent regulation to protect Californians and a more flexible approach is needed to inculcate a balance between protection and innovation. He said that the bill will draw a loan worth tens of millions from California’s general fund. The community has applauded the Governor for his decision.
Source: https://coinpedia.org/crypto-live-news/crypto-oversight-bill-introduced-in-california-vetoed-by-governor/