Crypto Advocates Cheer California Governor’s Veto of Regulatory Bill

California Governor Gavin Newsom has vetoed a statewide bill that would have established a regulatory framework for cryptocurrency regulation—and crypto proponents are thrilled. In a Friday memo detailing the veto decision, Newsom called Assembly Bill 2269 “premature”. The veto came despite strong support in the state legislature, where the bill secured 71 “yes” votes, 0 “no” votes, and nine abstentions. In his veto message, Newsom also cited the substantial cost of implementing the bill, sharing that the passage of AB2269 would require a loan in “the tens of millions of dollars” for the state. crypto firms would have been required to acquire a state-approved license to operate in California.