California Governor Vetoes Bill to Regulate Crypto

The governor of the U.S. state of California, Gavin Newsom, vetoed a number of bills Friday, including Assembly Bill 2269 (AB 2269) which will establish a licensing and regulatory framework for cryptocurrency. Assembly Bill 2269, titled "Digital financial asset businesses: regulation," was introduced earlier this year by California Assembly Member Timothy Grayson. It passed the California State Senate on Aug. 29 and the California State Assembly the next day. The governor explained that since the issuance of the executive order, his administration has conducted "extensive research and outreach" and has come to the conclusion that "It is premature to lock a licensing structure in statute without considering … forthcoming federal actions."