The "Digital Financial Assets Act" passed by California in August was opposed by Block, Coinbase and other companies

According to Business Insider, the "Digital Financial Assets Act" passed by California in August was delivered to Governor Gavin Newsom on September 12 and will come into effect after it is signed. The bill requires cryptocurrency and digital asset trading firms to obtain licenses before operating in the state. At present, companies and industry associations including Amazon, Apple, Block, Coinbase, and Google have expressed opposition to the passage of the bill. Among them, the Chamber of Progress, a technology industry association, stated that the license requirements will harm the interests of small companies; the Electronic Transactions Association stated that the registration requirements are too cumbersome and the definition of "digital financial assets" is relatively vague.