Gov. Newsom Signs Crypto Licensing Bill in California

Gov. Gavin Newsom (D) on Friday signed into law a measure that would regulate California’s cryptocurrency industry, home to nearly a quarter of the blockchain companies in North America.

California lawmakers wanted to put new rules around cryptocurrency, an issue that has received more urgency after last year’s collapse of the FTX exchange and other turmoil in the market. With no looming federal action, state legislators wanted to establish a basic regulatory framework.

Newsom, who has advocated for innovation in blockchain, had previously vetoed similar legislation. A blockchain is a digital ledger that keeps track of such things as a ...