On October 13, 2023, California enacted the Digital Financial Assets law. This law is California’s first comprehensive framework for regulation of digital asset markets, and some of its provisions may sound familiar to those versed in the state’s money transmitter licensing requirements. Under this new law, on and after July 2025, crypto companies and everyone…
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California has signed the Digital Financial Assets Law, raising concerns within the industry regarding the potential consequences of this legislation. On Friday, Governor Gavin Newsom signed the bill into law, aiming to regulate California’s cryptocurrency industry, which is home to nearly a quarter of the blockchain companies in North America…. Read More: California’s Crypto Regulation: Will It Push Firms Out? Read…
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California Governor Gavin Newsom approved a crypto licensing bill that is set to enforce a structural framework for businesses conducting operations in the crypto industry and is set to take effect in July 2025. On Friday, October 14, Newsom declared that the bill, titled the Digital Financial Assets Law, will make it mandatory for both…
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The California Fair Political Practices Commission has released disclosure requirements for cryptocurrency contributions to political candidates and committees. The California Fair Political Practices Commission (FPPC) has updated its campaign disclosure manuals, with revisions including detailed rules for cryptocurrency contributions declarations. An agenda released for an upcoming commission meeting includes a discussion of updated campaign disclosure manuals,…
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This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more. Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese…
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The proposed class action lawsuit alleges the exchange violated privacy laws in Illinois when it collected and stored users’ fingerprints and facial scans. Coinbase violated biometric privacy laws in Illinois through its collection and storage of customer fingerprints and facial templates, a proposed class-action lawsuit alleges. A May 1 filing in a California District Court…
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On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid…
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Banking giant JPMorgan will take over the assets of the troubled First Republic Bank after its seizure by the California Department of Financial Protection and Innovation. The American banking giant JPMorgan Chase is set to acquire First Republic Bank’s (FRB) assets after early efforts to rescue it failed. JPMorgan and multiple other banks submitted a…
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Santa Cruz voted to approve the use of a blockchain-based digital wallet for government services and official documentation and is set to begin a pilot program in July 2023. The county of Santa Cruz in northern California is one of the latest to adopt and implement the usage of blockchain-based solutions on a governmental level. …
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After announcing the production of bitcoin application-specific integrated circuits (ASICs), Intel, the world’s largest semiconductor chip manufacturer by revenue, appears to be abandoning its blockchain chip production. On Tuesday, a spokesperson for the chip manufacturer explained that Intel has “end-of-lifed the Intel Blockscale 1000 Series ASIC.” Intel Spokesperson Discloses Company Has End-of-Lifed the Blockscale 1000…
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