{"id":174405,"date":"2023-10-15T06:39:26","date_gmt":"2023-10-15T01:09:26","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174405"},"modified":"2023-10-15T06:39:26","modified_gmt":"2023-10-15T01:09:26","slug":"california-gov-newsom-greenlights-crypto-regulation-bill-for-2025-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/california-gov-newsom-greenlights-crypto-regulation-bill-for-2025-crypto-news\/","title":{"rendered":"California Gov. Newsom greenlights crypto regulation bill for 2025 – Crypto News"},"content":{"rendered":"
\n

California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in 18 months.\u00a0<\/p>\n

In a statement<\/a> published on October 13, Newsom declared that the bill titled the \u2018Digital Financial Assets Law,\u2019<\/em> will make it mandatory for both individuals and firms to obtain a Department of Financial Protection and Innovation (DFPI) license to engage in digital financial asset business activities.<\/p>\n

The bill is scheduled to come into effect on July 1, 2025.<\/p>\n

It draws a comparison to California’s money transmission laws, which prohibit banking and transfer services from operating without a license granted by the DFPI Commissioner.<\/p>\n

The new crypto bill will allow the DFPI to impose stringent audit requirements on crypto firms as well as force them to uphold recording requirements. The statement noted:<\/p>\n

\u201c[This bill] would require a licensee to maintain […] for 5 years after the date of the activity, certain records, including a general ledger maintained at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee.\u201d<\/p><\/blockquote>\n

It furth clarifies that firms not complying with the bill will face enforcement measures.<\/p>\n

Related: <\/strong>CoinShares says US not lagging in crypto adoption and regulation<\/strong><\/a><\/em><\/p>\n

Around this time last year, Newsom declined to sign a similar bill<\/a> that aimed to establish a licensing and regulatory framework for digital assets in California.<\/p>\n

Although the bill passed through the California State Assembly without opposition, Newsom expressed that he was sending the bill back “without my signature.”<\/p>\n

Newsom suggested that the bill wasn’t flexible enough to keep up with fast-changing crypto trends.<\/p>\n

At the time, Newson stated that he was waiting for federal regulations to come into place before working with the legislature to establish crypto licensing initiatives. <\/p>\n

Meanwhile, Cointelegraph recently reported that the U.S. is exploring the possibility<\/a> of applying the Electronic Fund Transfer Act (ETFA) to cryptocurrencies as a measure to combat fraudulent transfers.<\/p>\n

In a recent speech, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), expressed his intention to grant authorization for this to “reduce harm of errors, hacks and unauthorized transfers.”<\/p>\n

Magazine: <\/strong>US gov\u2019t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame<\/strong><\/a><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in 18 months.\u00a0 In a statement published on October 13, Newsom declared that the bill titled the \u2018Digital Financial Assets Law,\u2019 will make it mandatory for both individuals and firms to obtain a Department […]<\/p>\n","protected":false},"author":2,"featured_media":174406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-174405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174405"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174405\/revisions"}],"predecessor-version":[{"id":174408,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174405\/revisions\/174408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174406"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}