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The California Crypto Regulation Bill is one step away from becoming a full-fledged statute. This is accurate in light of this week’s passage of AB 2269 by the California Senate. California Assemblyman Timothy Grayson presented the bill with support from the Consumer Federation of California.The law is currently merely awaiting the signature of California Governor Gavin Newsom following its successful passage in the assembly. After that, California will be the first state to demand a special licence for cryptocurrency-related enterprises to operate there.When will this legislation become law?Till September 30, Gavin Newsom must either sign or veto the legislation. The bill will become law after the governor signs it, and it will be known as the Digital Financial Assets Law. It should be noted that California is attempting to establish a “BitLicense” system for the second time. The initial attempt in this direction was made in 2015, but it was unsuccessful because of resistance from a state senator.The bill would mandate that companies like digital asset exchanges obtain licences from California’s Department of Financial Protection and Innovation before going into effect in January 2025. The level of support the bill has garnered, according to a tweet from Grayson on Tuesday, “reflects the legislature’s awareness that a robust<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrency market</a> can only exist if simple guardrails are set,” he said.What is stated in the bill?Unless one of the stated requirements is satisfied, the law forbids someone from engaging in digital financial asset business activity with or on behalf of a resident, or from representing themselves as being allowed to do so. This includes the fact that the individual has a valid licence from the Department of Financial Protection and Innovation.Additionally, this bill gives the government the right to examine licence holders in the manner specified. A licensee would be required to keep certain records, including a general ledger posted at least monthly that lists all of the licensee’s assets, liabilities, capital, income, and expenses, for five years following the date of any digital financial asset business activity with or on behalf of a resident. In the meanwhile, there are some civil consequences for breaking the laws specified in the bill.Responses to the Bill on Cryptocurrency RegulationA few cryptocurrency advocates and fans have vehemently criticised the Bill.The State Assembly Bill AB 2269, according to the<a href="https://www.coingabbar.com/en/crypto-blogs-english/big-bulls-of-the-blockchain-industry" rel="noopener noreferrer nofollow"> Blockchain</a> Association, imposes “shortsighted and unhelpful regulations that would impede crypto entrepreneurs’ ability to function and push many out of the state,” according to a tweet on Monday.The bill is also thought to make it challenging for many stablecoin suppliers to function in the state once it is passed. This is said to be a developing area of the cryptocurrency market with the potential to significantly boost the state’s economy.

What Market Impact Could The California Crypto Regulation Bill Have?

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