California governor signs law giving state 'new tools' to regulate crypto

posted 4 months ago
California Governor Gavin Newsom signed a bill into state law on Friday that will see the California Department of Business Oversight renamed as the Department of Financial Protection and Innovation. Bill AB 1864 will go into effect on Jan. 1, 2021.

The changes will equip the regulator with "new tools to shape the regulation of virtual currency," the department's commissioner, Manuel P. Alvarez, said. The new law will also see the creation of an Office of Financial Technology Innovation.
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