Consumer Federation California Launches New Control Measures for Crypto Businesses
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While the California Department of Motor Vehicles (DMV), is testing the digitization of automobile titles, title transfers, and Tezos blockchains via private Tezos blockchains, Californian politicians are working to enact crypto legislation.
A bill that aims to authorize and oversee the operations of cryptocurrency exchanges was sponsored by the Consumer Federation of California (CFC), a nonprofit advocacy group campaigning for consumer rights.Assemblymember Timothy Grayson sponsored the Digital Financial Assets Law, a bill requiring governmental control of cryptocurrency enterprises, in an effort to shield Californians from financial hardship and promote responsible innovation. Grayson believes that licensing is the next step for the cryptocurrency sector. He continues:
“It is also clear that Californians will continue being vulnerable to widespread and preventable financial frauds until we take that step.”
This is the second attempt by the CFC to license and supervise bitcoin and digital asset companies. California Governor Gavin Newsom vetoed the bill (AB39) when it was first introduced in 2022.
Robert Herrell, executive Director of the CFC, stated that “the bankruptcies, scams, and other misinformation of the past year only bolstered our collective interest to ensure basic and foundational consumer protections within this marketplace, which up until now has looked like the Wild West” and revealed the motives behind the move.
The CFC anticipates that the Assembly will take up this bill’s first hearing in April.The California Department of Motor Vehicles (DMV) is testing the digitization of automobile titles and title transfers via a private Tezos blockchain while Californian politicians work to enact crypto legislation.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: CFCConsumer FederationConsumer Federation CaliforniaDigital Financial Assets Law