TL;DR
-
California Governor, Gavin Newsom, simply signed a brand new crypto invoice that can go into impact in 2025.
-
The primary battle cry of the invoice, is that this: “It’s important that we strike the suitable stability between defending shoppers from hurt and fostering a accountable innovation”
-
For essentially the most half, the invoice seems to be nicely intentioned, hanging a stability between the necessity for regulatory oversight and the liberty to innovate.
Full Story
So California Governor, Gavin Newsom, simply signed a brand new crypto invoice that can go into impact in 2025.
Principally, the invoice would require crypto companies to register with the state and hold particular monetary data over a 5 yr interval.
The primary battle cry of the invoice, is that this:
“It’s important that we strike the suitable stability between defending shoppers from hurt and fostering a accountable innovation”
Translation:
We want some guard rails in place, so we do not get one other FTX.
…however on the identical time, we will not be too restrictive.
We do not wish to sluggish innovation, scare off crypto corporations, and miss out on new financial exercise (we would like that tax income baaaaaby!).
For essentially the most half, the invoice seems to be nicely intentioned, hanging a stability between the necessity for regulatory oversight and the liberty to innovate.
That mentioned…
We’ll say to you right here, what Dr. Ian Malloy mentioned to us, after we threw our Uncle Dave the shock get together that inadvertently led to his coronary heart assault:
“The highway to hell is paved with good intentions.”
