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VALLEJO — Assemblyman Tim Grayson introduced this week he has launched laws that will set up the “Digital Monetary Property Legislation” to guard Californians from monetary hardship and foster accountable innovation by licensing and regulating the actions of cryptocurrency exchanges.
The invoice is sponsored by the Client Federation of California, Grayson’s workplace introduced.
Cryptocurrency has grown considerably lately, Grayson, D-Harmony, mentioned in a press launch, with cryptocurrency belongings surpassing a $3 trillion market cap final November. The expansion has been accompanied by fraud, nonetheless, insider buying and selling and different unhealthy habits, he mentioned. Such exercise exposes Californians to pointless threat and hurt.
The requirements in Meeting Invoice 2269 are supposed to instill religion within the cryptocurrency ecosystem and assist create long-term stability of the market, Grayson mentioned within the press launch.
AB 2269 consists of quite a few client and investor protections which are supposed to assist guarantee cryptocurrency exchanges work on behalf of their prospects, similar to necessities round customer support and disclosures, and a requirement that licensees act in the perfect curiosity of a buyer once they advocate a cryptocurrency, in accordance with the press launch. By licensing digital monetary belongings firms beneath the Division of Monetary Innovation and Safety, the trade will obtain extra regulatory readability and customers could have higher protections, in accordance with the discharge.
Grayson represents the 14th Meeting District that features the communities of Benicia, Vallejo, Harmony, Clayton, Martinez, Nice Hill, Pittsburg and Walnut Creek.
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