Cryptocurrencies
California Crypto Oversight Bill Moves Closer to Becoming Law
- Legislation would require crypto businesses to get licensed
- Crypto advocates and lobbying groups have opposed the bill
The California State Capitol building in Sacramento.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
A California bill that would require crypto financial-service businesses to get a special license is now closer to becoming law, with the Assembly voting to approve it Tuesday after the Senate gave it the nod a day earlier. It now heads to the desk of Governor Gavin Newsom, who has until Sept. 30 to sign or veto the bill.
If signed into law, the legislation -- called the Digital Financial Assets Law -- would introduce tighter crypto regulations and more oversight for the industry in California. The bill, which would go into effect January 2025, would require companies like digital-asset exchanges to get licensed with the state’s Department of Financial Protection and Innovation.