Hey folks. Well, United States doesn't look to be much friendly to cryptocurrency lately. If you ask me, I believe friendly regulations are good in order to ensure customer funds saftey as that would be something which could help with crypto mass adoption.
Governor of California, Gavin Newsom has approved a bill regarding crypto that would enforce strict regulations on businesses doing crypto operations, according to a report by Cointelegraph. The bill is set to begin in July 2025.
The bill will impose licensing requirements on cryptocurrency businesses, compel them to keep financial records, and grant regulators the right to audit their operations.
Newsom in a statement shared that anyone or any business want to engage in crypto will need to acquire a Department of Financial Protection and Innovation (DFPI) license.
The bill clarifies that firms not complying with it, will face enforcement measures.
My Take
I don't know what the implications of the bill would be as it will be very early to guess any outcome of it but I personally believe that friendly regulations are good for the crypto industry as it is something that could help in crypto mass adoption as if these regulations made sure for the security of people investments. As we already have seen many people losing a good sum of investments in different accidents like the collapse of FTX etc.
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