California Governor vetoes crypto regulation bill to the delight of advocates | Crypto

California Governor vetoes crypto regulation bill to the delight of advocates

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– California Governor Gavin Newsom has vetoed a statewide bill that would have established a regulatory framework for cryptocurrency regulation.
– Newsom called Assembly Bill 2269 premature and said a more flexible approach was essential for the state because he believes blockchain technology is still evolving.
– If it had been signed into law, crypto firms would have been required to acquire a state-approved license to operate in California.
– Newsom also cited the substantial cost of implementing the bill, sharing that the passage of AB2269 would require a loan in the tens of millions of dollars for the state.
– Notedly, Newsom also wants to wait until the federal governments stance on crypto regulation is solidified and the results of his May Executive Order on cryptocurrency are presented.
– Chamber of Progressa pro-crypto technology policy coalition with partners like Amazon, Apple, Circle, FTX US, and Metaalso took issue with aspects of the bill and requested multiple revisions back in June, which were incorporated into the final draft.
– Chamber of Progress then issued a new memo approving of the latest version of the bill, pending a few additional revisions.
– Attorney Hailey Lennon was also pleased with Newsoms decision, calling it good news for the crypto industry.
– Likewise, the crypto lobbying group the Blockchain Association was thrilled with the veto news, calling the bill misguided.
– J.W. Verret, Associate Professor of Law at George Mason University, was also pleased Newsom rejected the crazy crypto reg bill.
– Assemblyman Tim Graysonwho introduced the billexpressed his frustration on Twitter.

gavin newsom california crypto gID 4 California Governor vetoes crypto regulation bill to the delight of advocates

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