California Gov. Newsom greenlights crypto regulation bill for 2025

California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in 18 months. 

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Newsom suggested that the bill wasn’t flexible enough to keep up with fast-changing crypto trends.

At the time, Newson stated that he was waiting for federal regulations to come into place before working with the legislature to establish crypto licensing initiatives.

Meanwhile, Cointelegraph recently reported that the U.S. is exploring the possibility of applying the Electronic Fund Transfer Act (ETFA) to crypto as a measure to combat fraudulent transfers.

In a recent speech, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), expressed his intention to grant authorization for this to “reduce harm of errors, hacks and unauthorized transfers.”

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