The Governor of California rejected the cryptocurrency regulation project

California Governor Gavin News imposed a veto on a bill providing for licensing companies to provide crypto -financial services in the staff.

The document introduces more rigid supervision of the industry. In particular, he obliges the issuers of stablecoins using securities as reserves to store them in the amount of at least “the total value of outstanding coins issued or sold in the USA”.

The bill is based on the rules of the state of New York, presented in 2015. The latter have repeatedly been criticized and led to the departure from the staff of some crypto companies.

According to the Newsom, it would be “premature” to create a licensing mode without taking into account reviews about the document. The governor also pointed out the possibility of adopting in the future of the federal regulatory framework.

“A more flexible approach is needed so that regulatory supervision can keep up with rapidly developing technologies […], as well as use proper tools to account for trends and reduce harm to consumers,” the head of state said.

He noted that the implementation of the document would require additional funding not laid down in the current budget.

“I intend to work in cooperation with lawmakers to achieve proper normative clarity, […] and at the same time ensure that California remains a competitive place for investment and innovation,” the governor concluded.

Member of the Assembly of Tim Grayson recalled that the rules were supported by the legorian legislature.

The Cryptocurrency Market Is-Regulatted At Best and Deliberatly Rigged AGainSt Evedey Consumers at Worst. A Financial Market Cannot Be Consedered Health If There Are No Guardrails in Place to Protect Consumers from Scams & Bad Actors. My stateent on the veto of ab 2269: pic.Twitter.COM/ETEDRQ2I4G

– TIM Grayson (@asmgrayson) September 24, 2022

“The cryptocurrency market is not regulated enough, and at worst, it is intentionally set against ordinary consumers. The financial market cannot be considered healthy if https://gagarin.news/ua/faq/ there are no barriers to protect customers from fraud and unscrupulous actions, ”he wrote.

Recall, on September 16, the White House presented the concept of regulation of the cryptocurrency industry. It involves many initiatives, including the tightening of law enforcement practice regarding suppliers related to digital assets of services.

Bloomberg later learned about the development of a bill to regulate “stable coins”. In particular, he will introduce a two -year ban on new algorithmic steablecoins like Terrausd.

The head of the Bitcoin Torge Coinbase, Brian Armstrong, said that the tough approach of the US authorities to the supervision of the crypto industry restrains its development.

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