A new bill that would require crypto companies to get a license to operate in California was introduced Monday by Assembly member Timothy Grayson (D-Concord) who warned about the dangers posed by crypto to consumers.
Four months after Governor Gavin Newsom vetoed a crypto licensing bill, critics of the controversial industry are trying again.
The bill was also sponsored by the Consumer Federation of California, which also endorsed the proposal rejected by Newsom last fall. The bill passed in the California assembly 71-0, and in the senate, 31-6. But Newsom shot it down saying it was “premature to lock a licensing structure in statute without considering … forthcoming federal actions,” referring to the ongoing discussions and debates in Washington on how to regulate crypto. The proposal has also been described by industry leaders and supporters as impractical and could potentially stifle innovation in California.
The language in the previous proposal was less stringent, requiring crypto exchanges “to serve the best interests” of their customers and “exercising reasonable diligence” before listing a specific digital asset.
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