California Governor Gavin Newsom has approved a cryptocurrency bill that will impose stricter regulations on businesses involved in crypto operations. The bill, known as the ‘Digital Financial Assets Law,’ will require individuals and firms to obtain a license from the Department of Financial Protection and Innovation in order to engage in digital financial asset business activities. The new regulations will come into effect on July 1, 2025, and will include audit and recording requirements for crypto firms. Non-compliance with the bill will result in enforcement measures. This decision comes after Newsom declined to sign a similar bill last year, citing a lack of flexibility to keep up with the rapidly changing crypto industry. The US government is also exploring the possibility of applying the Electronic Fund Transfer Act to cryptocurrencies as a means to combat fraudulent transfers.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	Gavin Newsom
Companies	CoinShares, Consumer Financial Protection Bureau (CFPB), Commissioner of Financial Protection and Innovation, Department of Financial Protection and Innovation
Currencies	None
Securities	None