California Governor Signs 'BitLicense' Bill into Law

California Governor Gavin Newsom has signed a crypto licensing bill, similar to New York's "BitLicense," which will come into effect in July 2025. The law requires the Department of Financial Protection and Innovation to establish a regulatory framework for the crypto industry, including a licensing regime and enforcement authority. Despite industry criticism, Newsom acknowledged the need for further refinement to strike a balance between consumer protection and fostering responsible innovation.