Newsom's recent efforts to boost blockchain and crypto and fend off new state-level regulation of the sector have suffered from awkward timing.
Sam Bankman-Fried says he’s focused on public health. His political donations, and his activities on Capitol Hill, suggest broader goals.
“During the last legislative session, industry expressed concerns about the costs of complying with fair and reasonable rules,” said Assemblymember Tim Grayson, chair of the Banking and Finance Committee and author of, the bill Newsom vetoed. “As we now know, the costs of doing nothing are so much higher: real people are being hurt.
All of those organizations lobbied on the crypto regulation bill Newsom vetoed. In a letter of opposition to Grayson, the bill’s author, the Blockchain Advocacy Coalition wrote that the bill needed “greater clarity and flexibility” to prevent the potential “stifling of a nascent yet promising industry.” The coalition also opposed “unclear definitions” of digital asset terms and “onerous registration requirements.
Newsom views NFTs and blockchains separately from cryptocurrencies and can’t recall crypto being discussed at the Salesforce dinner, he told The Times. Newsom said in his veto statement that his administration “conducted extensive research and outreach to gather input on approaches that balance the benefits and risks to consumers.”Herrell was proud that he was able to build a wide coalition of “strange bedfellows” to back the crypto regulation bill, he said. “We worked our butts off to build that coalition,” Herrell said.
“In general, we don’t like people being defrauded, and the Securities and Exchange Commission is moving slowly,” Sherman, who wants crypto, told The Times. “Congress is an immobilized mess, and state legislators can step in, and at least make sure that when you invest in something truly evil that you’re not defrauded. If you’re going to be in the business of holding other people’s money, you need to be regulated and audited and bonded.”Rep.
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