California Tightens Cryptocurrency Rules With New Licensing Law

California Governor Gavin Newsom has signed a bill to enforce stricter cryptocurrency regulations in the state starting in 2025.

The bill requires crypto firms to obtain a license, maintain financial records, and be subject to audits.

Newsom previously declined to sign a similar cryptocurrency regulation bill in 2022.

The new bill comes as U.S. regulators explore applying financial transfer laws to cryptocurrencies.

Billionaire investor Tim Draper predicts the U.S. government's regulations have delayed his forecast of Bitcoin reaching $250,000.