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California Governor Gavin Newsom Signs Bill To Create Regulatory Framework for Digital Assets – The Daily Hodl


The governor of California has signed off on a bill that aims to create a new regulatory framework for digital assets.

Governor Gavin Newsom recently signed Assembly Bill 39, which establishes the Digital Financial Assets Law.

The legislation requires the state’s Department of Financial Protection and Innovation (DFPI) to “create a robust regulatory framework, including licensure and enforcement authority, for certain crypto activities.”

The bill also gives the DFPI rulemaking authority over crypto regulation along with an 18-month implementation timeline for a framework.

Says Newsom,

“Ambiguity of certain terms and the scope of this bill will require further refinement in both the regulatory process and in statute to provide clarity to both consumers, regulators and businesses subject to this new licensure framework.

It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation and I look forward to working with the author to achieve this.”

Newsom signed an executive order in May of last year asking legislators to create a regulatory framework that encourages blockchain innovation while protecting consumers.

The governor said the order, which he noted builds on President Biden’s crypto-focused executive order, will help California leverage blockchain technology for the public good.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Jorm S/Modvector


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