VALLEJO — Assemblyman Tim Grayson introduced this week he has launched laws that may set up the “Digital Monetary Belongings Regulation” 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 dangerous conduct, he mentioned. Such exercise exposes Californians to pointless danger 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 contains a variety of shopper and investor protections which can be supposed to assist guarantee cryptocurrency exchanges work on behalf of their prospects, reminiscent of necessities round customer support and disclosures, and a requirement that licensees act in one of the best curiosity of a buyer after they advocate a cryptocurrency, based on the press launch. By licensing digital monetary belongings firms below the Division of Monetary Innovation and Safety, the business will obtain extra regulatory readability and shoppers can have higher protections, based on the discharge.
Grayson represents the 14th Meeting District that features the communities of Benicia, Vallejo, Harmony, Clayton, Martinez, Nice Hill, Pittsburg and Walnut Creek.