Adding to the existing regulatory hurdles in the crypto ecosystem, California Governor Gavin Newsom has refused to sign a bill establishing a framework for licensing and regulation of digital assets.
Congress Bill 2269 Attempted to allow the issuance of operating licenses for crypto companies in California. September 1st, The California legislature passed the bill without opposition I walked out of the chamber and went to the governor’s office for approval.
Against the concept, Newsom Recommended It is a “more flexible approach” that will evolve over time while taking into account consumer safety and associated costs, adding:
“It is premature to lock the licensing structure into law without considering both of these tasks. [in-house efforts to create a transparent regulatory environment] and future federal action. “
The governor said the bill, in its current form, would require “tens of millions of dollars” to be financed from the state’s General Fund.
“Such a significant commitment of the General Fund should be considered and accounted for in the annual budget process.”
Newsom stressed that he was waiting federal regulation Before working with Congress to establish a crypto licensing initiative, it needs to “increase its focus on digital financial assets.”
The Office of Science and Technology Policy (OSTP) has submitted an analysis to the White House of design choices for 18 central bank digital currency (CBDC) systems in the United States.
A technical evaluation of US CBDC systems highlighted OSTP’s propensity to build off-ledger, hardware-protected systems, while considering the various trade-offs inherited by each design choice.