California regulator opposes SEC's crypto issuance exemption proposal
- —DFPI formally objected to the SEC's August Regulation Crypto Assets proposal
- —The state regulator says the federal exemption would preempt blue-sky registration and expose investors to fraudulent issuances
- —The Blockchain Association, by contrast, asked the SEC to double the startup exemption cap to $10 million
- —The CLARITY Act failed a Senate procedural vote on September 15, with 49 in favor and 50 against
Why it matters: The outcome will decide whether states keep the power to require registration of crypto issuances on top of federal rules.
Source: TokenPost