California has followed New York and signed its own Digital Financial Assets Law (also known as the BitLicense bill) for the crypto industry, which will come into action from July 2025. This law is similar to New York’s 2015 BitLicense bill, which caused a lot of controversy from the digital asset industry. Coinbase’s Chief Legal Officer Paul Grewal has expressed his encouragement of the bill, but many in the industry are concerned about the law’s ambiguity and whether it will end up driving digital asset companies away. It is unclear whether non-fungible tokens (NFTs) and non-fiat stablecoins will be included and regulated under the law. The Crypto Council for Innovation, Coinbase, and Consensys are all keeping a close eye on the bill to ensure that the law is not too ambiguous. #CryptoRegulation #CaliforniaBitLicense #BitLicense #DigitalAssets
You can read more about this topic here: Decrypt: Will California’s BitLicense Chase Crypto Firms Out of the State?