California's new crypto bill gets vetoed by governor Newsom [pigs fly: Newsome vetoes a regulation bill!]

kitco ^ | 9/26/2022 | Jordan Finneseth

[catnipman]

California Governor Gavin Newsom has vetoed a bill crafted to create a licensing and regulatory framework for cryptocurrency firms in the state,

Under the bill, crypto companies wishing to serve California residents would be required to first receive a license to do so, and it would have also formally adopted new rules governing stablecoins. This includes a requirement that licensed companies only engage with bank-issued stablecoins, which must remain 100% backed by reserves.

[catnipman]

For some reason, Newsome is quite happy to see his constituents defrauded and ripped off by the plethora of fraudulent schemes, unlicensed dealers and exchanges, and unaudited claims by almost all crypto players ...

[HYPOCRACY]

He wants to use crypto to raise illegal campaign contributions.

[Right_Wing_Madman]

Too bad, I was looking forward to Newsome signing this bill. Most American crypto companies are in San Francisco or the bay area and they all would have simply picked up and left. These companies have low overhead.

[Skwor]

Exactly, Gruesom knew if the bill passed all crypto would ;leave Ca then he would have a harder time hiding demnocrat ill-gotten gains.

[bobbo666]

Of course he vetoed. His kickback/bribe/campaign contribution was not big enough.