California Gov. Newsom vetoes crypto licensing and regulatory framework

California Gov. Newsom vetoes crypto licensing and regulatory framework

California Governor Gavin Newsom declined to sign a bill to establish a licensing and regulatory framework to digital assets, adding to existing regulatory obstacles.

Assembly Bill 2269 was designed to permit the issuance operational licenses in California for crypto companies. The bill was passed by the California State Assembly on September 1, with no opposition. It then went to the governor’s desk for approval.

Gov. Mewsom. Source: leginfo.legislature.ca.gov

Newsom opposed the idea and recommended a “more flexible approach”, which would allow for changes over time, while still considering safety and costs.

“It’s premature to lock in a licensing structure by statute without considering both this work (inhouse efforts to create transparent regulatory environments) and future federal actions.”

According to the governor, the bill in its current form would require a loan of “tens of million of dollars” from the state’s general fund.

“Another significant commitment to general fund resources should also be taken into account and accounted for during the annual budget process.”

Newsom stated that he is waiting for federal regulations to be “more focused for digital financial assets”, before collaborating with the Legislature to create crypto licensing initiatives.

Related: Biden’s anemic cryptocurrency framework was nothing new

The White House received an analysis from the Office of Science and Technology Policy (OSTP), which analyzed design options for 18 central bank digital currencies (CBDC), systems in the United States.

The technical evaluation of a U.S. CBDC-system system revealed that OSTP was inclined to build an off-ledger, hardware protected system. However, it also considered the trade-offs inherited from each design.

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