At least 111 BlockFi borrowers had continued repaying loans between Nov. 11 and Nov. 22, even though they didn’t need to, according to court documents.
California Leads the Way as U.S. Federal, State Agencies Consider Blockchain’s Applications: Bank of America
The tokenization of vehicle titles could enable fractionalized vehicle ownership, the report said.
Coinbase Sued by Customer Who Says Exchange Refused to Reimburse Him for $96K Lost in Hack
The victim alleges Coinbase violated various laws when it failed to pay him for the money he lost.
California regulator launches complaint-based crypto scam tracker
The regulator said it receives thousands of consumer and investor complaints about possible crypto scams each year, and it appears it’s done something with the information.
CFTC Charges California Firm and CEO With Fraud, Misappropriation of Digital Assets
The commission alleges the defendants fraudulently solicited over $7 million worth of bitcoin and ether and misappropriated a portion of the funds in a Ponzi-like scheme.
SBF won’t be able to play League of Legends under proposed bail changes
Sam Bankman-Fried is, for the most part, still able to freely access the internet through various devices. Prosecutors want to change that.
Consumer Federation of California reattempts to regulate crypto companies
Assemblymember Timothy Grayson introduced the Digital Financial Assets Law to protect Californians from financial hardship and foster responsible innovation.
Ooki DAO misses lawsuit response deadline, default judgment on the cards
The commodities regulator has begun the process of getting a court ruling on the Ooki DAO case after the latter failed to respond to the lawsuit by the deadline.
California AG issues warning-ladened guidance for public interested in buying crypto
In an effort to help consumers “avoid the hype, [and] get the facts,” Rob Bonta has created a page on crypto buying dominated by lists of scams, red flags and other unpleasantness.
California regulators to investigate FTX crypto exchange collapse
The California DFPI announced it will open up an investigation as to the “apparent failure” of FTX and says it takes this oversight very seriously.
Elon Musk faces class-action suit over mass Twitter layoffs
Elon Musk previously won a similar class-action lawsuit brought by Tesla employees, calling the case “trivial.”
California fraud cases highlight the need for a regulatory crackdown on crypto
Recent cases involving crypto fraud serve as a timely reminder to do your own due diligence until regulators take more action. If something sounds too good to be true, it probably is.
California State Kills Main Crypto Bill, Why?
One of the pressures in the crypto market is regulation. Many countries’ regulators are consistent in supporting the control and monitoring of crypto assets. These regulators always create laws to manage the industry and protect investors’ funds.
California and New York are taking the lead in global crypto regulations. For instance, crypto companies in New York currently operate under a law mandating them to get a “BitLicense” before offering virtual asset services. The law has become operational in the State, although the current mayor Eric Adams is not supportive of the law.
But apart from these top players, other States such as Arizona and Wyoming are also coming up with diverse crypto regulations.
California Bill For Crypto Businesses And Exchange
Another bill, like the BitLicense law, emerged in California. The “Digital Financial Assets Bill” will mandate exchanges and businesses in the industry to get a license from California regulators.
This bill had earlier passed the assembly with a 71-0 vote. It also gave the senate and now awaits the Governor, Gavin Newsom, to sign it by September 30. Unfortunately, but surprisingly, Newsom vetoed the bill.
The decision has surprised the regulators, but the crypto community is thrilled about it. Newsom wrote to the California State Assembly, stating that he would veto the bill. According to him, the crypto oversight bill is unsuitable for the State.
The Governor believes that the crypto industry is gaining more popularity by the day. As such, there should be a transparent law protecting the citizens of the State. To achieve that, Newsom mentioned that his administration had researched the crypto industry to uncover protective approaches for investors.
Therefore, signing a bill without cognizance of his research will be wrong. Also, he pointed out that the federal mid-term election is in the pipeline and should be completed first.
According to Newsom, the bill will draw tens of millions from the State’s general fund. This amount will be required in the cost-benefit analysis of the bill and will be accounted for during the State’s budgeting process.
So, he suggests that the regulators wait for now and develop a flexible approach to strike a balance between innovation and protection.
The Digital Asset Community Rejoices
Every regulation in the crypto industry affects operations in one way or another. That’s why the community applauds Newsom’s actions to keep the bill.
Crypto market expected to blow green candles | Source: Crypto Total Market Cap on TradingView.com
The Blockchain Association Jake Chervinsky applauded the Governor’s guts and strength in standing up to the State Assembly. Also, Miles Jennings from a16z praised Newsom for his support of Web3 in California.
Featured image from Pixabay, chart from TradingView.com
California Gov. Newsom vetoes crypto licensing and regulatory framework
Opposing Assembly Bill 2269, Newsom recommended a “more flexible approach” that would evolve over time while considering the safety of consumers and related costs.
Law Decoded, Aug. 29–Sep. 5: Celsius is ready to give money back, but not much
Crypto lending platform is ready to return $50 million out of $210.
California State Assembly passes bill for licensing and regulating crypto firms
The bill requires digital asset exchanges and crypto companies to have a license of operation in the state of California.
CoinGecko reveals the US state most interested in Bitcoin and Ethereum
Behind this western U.S. state, Illinois and New York were the next states most interested in the two major cryptocurrencies.
California regulator orders Celsius to stop selling securities in the state
The Department of Financial Protection and Innovation previously ordered BlockFi and Voyager to stop their offerings in the state.
California again allows crypto contributions to state, local political campaigns
The state’s Fair Political Practices Commission has reversed a 2018 prohibition that arose from transparency and KYC concerns, while seven states still have a ban.
California regulator will revisit long-running ban on crypto donations on May 19
“This has been on our radar since late last year,” said California’s Fair Political Practices Commission communications director Jay Wierenga.