Expert opinion about 'Crypto Regulation Bill'

Crypto Regulation Bill: What? Why?? How???

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The debate about the topics either cryptocurrencies should be regulated or not, is upholded again by the recent attempt of California Assembly passing a bill titled by 'Crypto Regulation Bill'.

The bill proposes to bound the exchange houses of digital asset and other crypto companies obtaining a license to get permission for their operations and activities.

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Bill A.B.-2269 that is the Crypto Regulation Bill on the assembly of California's assembly got 71 votes on it's support having no opposite vote yet. Nine assembly members didn't participate on the voting. Then the bill got 31 votes on support and 06 votes against it, with six members not participating on voting on the Senate floor.

The Crypto Regulation Bill will be effected at January 2025 if California Gov. Gavin Newsom sign the bill. source

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Reactions from different angles

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This Regulation has been criticized instantly by many people of the crypto industry. Some has positivity welcomed this step of the California Assembly. Here we will ficus on some reactions of the experts about the issue

The Blockchain Association has posted some observations on their tweeter account criticizing the bill, where they mentioned:

State Assembly Bill A.B. 2269 creates shortsighted and unhelpful restrictions that would impede crypto innovators' ability to operate and push many out of the state. This proposal is inconsistent with the Governor's vision for crypto policy in California. tweet

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A. Jae Gnazzo, Senior Policy Manager of The Blockchain Association, published a letter titled by Blockchain Association Response to CA A.B. 2269 on the website of Blockchain Association where he wrote:

We fundamentally agree with the bill’s premise that there should be robust protection for consumers in crypto policy, but unfortunately, A.B. 2269 would not achieve that valid goal. Instead, it would likely cut California off from the burgeoning crypto industry, forcing entrepreneurs to relocate to other jurisdictions with more tailored and appropriate regulatory requirements, and preventing California residents from safely accessing the new, blockchain-based digital economy.

Associate Professor Mr. Will Cong, the Cornell University SC Johnson College of Business, commented about the bill:

It's an act to coordinate everyone and to standardize. We can't have too many standards, too many bosses, there's got to be one consistent regulatory framework. That's going to save the economy a huge amount because firms need to know how to stay compliant.

A global market consulting company, Guidehouse's financial services segment and global legislative and regulatory risk lead partner Alma Angotti supporting this attempt praised loudly:

The main uncertainty regarding the cryptocurrency market has long been definitional, which is why the Senate bill is a positive step for cryptocurrency regulation. It's very thorough; they tackle a lot of the uncertainty issues that were a problem.

CoinGape mentioned in a article: How California Crypto Regulation Bill Can Affect The Market? about the issue:

The bill prohibits a person from engaging in digital financial asset business activity or holding himself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of the specific criteria are met.

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Thanks a lot.

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I am Tariqul Islam
a crypto lover..
Very much optimistic about the entire life.