{"id":7407,"date":"2022-09-26T09:27:09","date_gmt":"2022-09-26T09:27:09","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7407"},"modified":"2022-09-26T09:27:10","modified_gmt":"2022-09-26T09:27:10","slug":"california-governor-newsom-vetoes-bill-to-regulate-crypto-calls-for-more-flexible-approach","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7407","title":{"rendered":"California Governor Newsom Vetoes Bill to Regulate Crypto \u2014 Calls for &#8216;More Flexible Approach&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>California Governor Gavin Newsom has vetoed a bill to regulate crypto in his state. He stressed that \u201ca more flexible approach is needed\u201d to \u201ckeep up with rapidly evolving technology and use cases\u201d in the crypto sector.<\/strong><\/p>\n<h2>Bill to Regulate Crypto in California Vetoed by Governor Newsom<\/h2>\n<p>The governor of the U.S. state of California, Gavin Newsom, vetoed a number of bills Friday, including Assembly Bill 2269 (AB 2269) which will establish a licensing and regulatory framework for cryptocurrency.<\/p>\n<p>Assembly Bill 2269, titled \u201cDigital financial asset businesses: regulation,\u201d was introduced earlier this year by California Assembly Member Timothy Grayson. It passed the California State Senate on Aug. 29 and the California State Assembly the next day.<\/p>\n<p>\u201cAB 2269 would establish a licensing and regulatory framework, administered by the Department of Financial Protection and Innovation, for digital financial asset activity,\u201d the governor detailed, adding:<\/p>\n<p>Digital assets are becoming increasingly popular in our financial ecosystem, with more consumers buying and selling cryptocurrencies each year.<\/p>\n<p>He then referenced the executive order he issued on May 4 to create \u201ca transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection.\u201d<\/p>\n<p>The governor explained that since the issuance of the executive order, his administration has conducted \u201cextensive research and outreach\u201d and has come to the conclusion that \u201cIt is premature to lock a licensing structure in statute without considering \u2026 forthcoming federal actions.\u201d<\/p>\n<p>Some industry advocates opposed the bill. Blockchain Association, for example, said the bill \u201ccreates shortsighted and unhelpful restrictions that would impede crypto innovators\u2019 ability to operate and push many out of the state.\u201d The organization noted that \u201cThe bill\u2019s licensing provisions are designed to install the same type of onerous licensing and reporting regime that has stunted the growth of the crypto industry and limited access to safe and reliable crypto products and services in New York.\u201d<\/p>\n<p>Governor Newsom emphasized:<\/p>\n<p>A more flexible approach is needed to ensure regulatory oversight can keep up with rapidly evolving technology and use cases, and is tailored with the proper tools to address trends and mitigate consumer harm.<\/p>\n<p>Furthermore, the California governor pointed out that the bill \u201cwould require a loan from the general fund in the tens of millions of dollars for the first several years,\u201d stressing that \u201cSuch a significant commitment of general fund resources should be considered and accounted for in the annual budget process.\u201d<\/p>\n<p><em><strong>What do you think about California Governor Newsom calling for \u201ca more flexible approach\u201d to oversee the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/california-governor-newsom-vetoes-bill-to-regulate-crypto-calls-for-more-flexible-approach\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>California Governor Gavin Newsom has vetoed a bill to regulate crypto in his state. He stressed that \u201ca more flexible approach is needed\u201d to \u201ckeep up with rapidly evolving technology and use cases\u201d in the crypto sector. Bill to Regulate Crypto in California Vetoed by Governor Newsom The governor of the U.S. state of California, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7407"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7407\/revisions"}],"predecessor-version":[{"id":7409,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7407\/revisions\/7409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7408"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}