The California State Senate has approved a draft of a new crypto law

Individual US states have different attitudes towards cryptocurrencies, and each state has its own laws. However, from an overall point of view, we can say that the United States of America has an amiable attitude towards cryptocurrencies, as evidenced by the number of articles on this very topic. Most recently, the Senate of the State of California approved a draft of a new crypto law, which was subsequently approved by the State Assembly of the State of California. This approval, which will require the registration of the crypto service before its actual launch, took place over the past week, and currently, the bill has been sent to the governor of the state of California, Gavin Newson, who will either veto it or approve it. However, he has until the end of this month to make a decision.

“The Legislature’s understanding that a healthy cryptocurrency market can only exist if simple guardrails are established.”

In case of approval, draft law no. 2269 will amend California’s financial code by including digital assets in its spectrum beginning in January 2025. In other words, any associate in the digital financial asset business would have to obtain a proper license from the state’s Department of Financial Protection and Innovation, allowing them to legally operate in the state of California. The legislation concludes by characterizing a “digital financial asset” as “a digital representation of value that is used as a medium of exchange, a unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender.”