TL;DR
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California Governor, Gavin Newsom, just signed a new crypto bill that will go into effect in 2025.
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The main battle cry of the bill, is this: “It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation”
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For the most part, the bill appears to be well intentioned, striking 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 bill that will go into effect in 2025.
Basically, the bill will require crypto businesses to register with the state and keep specific financial records over a five year period.
The main battle cry of the bill, is this:
“It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation”
Translation:
We need some guard rails in place, so we don’t get another FTX.
…but at the same time, we can’t be too restrictive.
We don’t want to slow innovation, scare off crypto companies, and miss out on new economic activity (we want that tax revenue baaaaaby!).
For the most part, the bill appears to be well intentioned, striking a balance between the need for regulatory oversight and the freedom to innovate.
That said…
We’ll say to you here, what Dr. Ian Malloy said to us, after we threw our Uncle Dave the surprise party that inadvertently led to his heart attack:
“The road to hell is paved with good intentions.”
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