Crypto Licensing Bill Sent to California Governor, Veto Possible

The California legislature on Thursday cleared a measure that would regulate the state’s cryptocurrency industry, home to nearly a quarter of the blockchain companies in North America.

It’s their second try. Last year, Gov. Gavin Newsom (D) vetoed a similar bill.

Efforts to put rules around cryptocurrency have received more urgency after last year’s collapse of the FTX exchange and other turmoil in the market. With no looming federal action, state legislators want to establish a basic regulatory framework.

The cryptocurrency licensing measure (AB 39) was packaged with another bill (SB 401) that would crack down ...