California gov vetoes crypto licensing, regulatory framework | The Financial Express

California gov vetoes crypto licensing, regulatory framework

The technical review for a CBDC system in the United States revealed OSTP’s preference for developing an off ledger

California gov vetoes crypto licensing, regulatory framework
The bill was passed by the California State Assembly on September 1 with no opposition from the assembly floor

California Governor Gavin Newsom declined to approve a bill that would establish a licencing and regulatory framework for digital assets, adding to the existing regulatory challenges for the crypto ecosystems, Cointelegraph stated.

According to Cointelegraph,Assembly Bill 2269 intended to allow crypto firms in California to get operational licences. The bill was passed by the California State Assembly on September 1 with no opposition from the assembly floor and sent to the governor’s office for approval.

Opposing the idea, Newsom suggested a “more flexible strategy” that would change over time while taking consumer safety and related costs into account, adding, “It is premature to lock a licensing structure in statute without considering both this work (in-house efforts to create a transparent regulatory environment) and forthcoming federal actions.”

The White House received a report from the Office of Science and Technology Policy (OSTP) on design options for 18 central bank digital currency (CBDC) systems in the United States. The technical review for a CBDC system in the United States revealed OSTP’s preference for developing an off-ledger, hardware-protected system while taking into account the different trade-offs inherited by each design choice, Cointelegraph noted.

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