TL; DR
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California Governor Gavin Newsom just signed a new crypto law that will take effect in 2025.
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The bill’s main rallying cry is this: “It is essential that we find the right balance between protecting consumers from harm and promoting responsible innovation”
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Mostly the bill appears be well-intentioned and strike a balance between the need for regulatory oversight and the freedom to innovate.
Full story
So California Governor Gavin Newsom just signed a new crypto law that will go into effect in 2025.
Basically, the bill requires crypto companies to register with the state and maintain specific financial records for a period of five years.
The bill’s main rallying cry is this:
“It is essential that we find the right balance between protecting consumers from harm and promoting responsible innovation”
Translation:
We need some guardrails so we don’t get another FTX.
…but at the same time we can’t be at restrictive.
We don’t want to slow down innovation, scare off crypto companies, and miss out on new economic activity (we want that tax revenue baaaaaby!).
Mostly the bill appears be well-intentioned and strike a balance between the need for regulatory oversight and the freedom to innovate.
That being said…
We will tell you here what Dr. Ian Malloy said to us after we organized Uncle Dave’s surprise party that inadvertently led to his heart attack:
“The road to hell is paved with good intentions.”
