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shocking law

A new California bill has now emerged that requires all digital financial services companies to obtain special licenses.

This law came after it was given to the Senate for approval last Wednesday, to go now to the governor's office, which has the opportunity until September 30 to sign or veto this law.

If signed into law by the Senate, the legislation would introduce stricter and stronger crypto regulations and more oversight of the industry in California.

The bill, which will take effect next January 2025, would require that many companies such as digital asset exchanges obtain a special license from the state's Department of Financial Protection and Innovation.

opposing the law

Some institutions opposed the bill, with the Blockchain Association, a crypto lobby group opposing that the proposed law would create unhelpful restrictions, the most important of which would impede the ability of cryptocurrency creators to operate and drive many out of the country.

Under this new law, New York similarly requires digital companies to obtain a BitLicense in order to conduct digital asset activities in the state, which it issued in 2015.

However, these regulations have received heavy criticism from some cryptocurrency enthusiasts such as Bitcoin and other currencies.

Wrong Millionaire

In one of the biggest non-stop cryptocurrency surprises, in light of the violent price fluctuations experienced by the crypto market worldwide, and with the massive hacking incidents devouring billions of dollars from investors...

Popular cryptocurrency exchange, Crypto, mistakenly transferred nearly $10.5 million to a woman's account while processing only a $100 refund.

The deal that was sent to this woman in Australia went unnoticed for more than seven months, until the company's audit revealed the error on December 23, 2021.

Immediately... it launched the Crypto.com platform, which mistakenly paid to take legal action to recover the millions lost from this Australian woman turned rich woman overnight.

In its acknowledgment of the error, the company said that instead of returning $100.00 to the woman as planned, approximately $10,474,143.00 was transferred in error.

bought a house

The Australian lady did not miss the chance of that wrong conversion, as she immediately after the conversion bought a house worth $1.35 million in Melbourne.

The Australian woman was not satisfied with just buying the house, as she transferred 430,000 dollars to her daughter and then transferred the ownership of the house to her sister, who lives in Malaysia, to be the most famous case ever in the crypto world.

** Cryptocurrency wallet tracker - using Cointracker

Adjudication

The court ruling in that case said that Crypto tried to freeze this woman's bank accounts in March, but it was unsuccessful.

The lady's sister was hypothetically ordered to pay $1.35 million to Crypto.com, sell the property and pay $27,000 in interest.