California Governor Refuses To Sign A Bill Related To Crypto Licensing

Gavin Newsom, the Governor of California, has denied inking a bill focused on the establishment of a regulatory and licensing agenda regarding digital assets. This decision has turned out to be another hindrance to the adoption of cryptocurrency within the jurisdiction.

Governor of California Vetoes Crypto Regulatory and Licensing Agenda

The purpose of Assembly Bill 2269 was to permit the release of operational licenses to be availed by the crypto institutions operating within California. On 1st September this year, the bill was approved on the behalf of the California State Assembly and no opposition was raised by the assembly of the state thus they presented it to the office of the governor for approval.

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While confronting this, an additionally flexible method was recommended by Newsom to get modified over time along with keeping the customers’ safety as well as the costs charged to them in focus. The Governor added that it is before time to fix a licensing agenda without making sure its operability is under the upcoming federal actions as well as the in-house endeavors to establish a clear regulatory atmosphere.

In the words of the governor, the bill (if it remains in its present form) would demand loaning a sum of several million dollars from the general fund of the state. He moved on to say this type of commitment (which relates to the general fund resources) requires being considered in the procedure of the state’s annual budget.

OSTP Files a CBDC Analysis with the White House

Newsom additionally mentioned that he is waiting for the moment when the federal regulations will sharply emphasize digital assets in advance of operating in collaboration with the legislature for the establishment of the endeavors related to crypto licensing. An analysis was filed by the Office of Science and Technology Policy (or OSTP in short) to the White House.

The respective analysis consisted of the design choices regarding eighteen systems of central bank digital currencies (CBDCs) to operate within the United States.

Keeping in view the technical evaluation made by OSTP for a CBDC system to be implemented within the U.S., it is clear that the office has an intention to construct an off-ledger system that would be protected by hardware. Moreover, the OSTP has also considered diverse trade-offs in the case of each of the design choices.

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