The California customer Council (CFC), a non-profit advocacy organization focused on consumer rights, has introduced a bill to approve and regulate the work of cryptocurrency exchanges.

The law to regulate data encryption companies-the data assets Act-was proposed by Congressman Timothy Grayson to protect Californians from financial difficulties and to promote responsible indigenous innovation. Grayson feels that approval is the latter natural process in the field of login passwords, adding:

Equally significant is that until we take this step, Californians will continue to be vulnerable to frequent and preventable online fraud.

It marks the second time that CFCs has tried to approve and regulate digital currency and cryptocurrency companies. The bill (AB 39) was first introduced in 2022, but California Mayor Gavin Newsom rejected it.

If confirmed, the bill will become a law on January 1, 2025, prohibiting citizens from participating in the login password business process until "some norms are met". AB 39 will issue licenses to California financial industry maintenance and innovation subordinate data encryption companies to ensure regulatory transparency and investor protection.

"the failures and frauds of the past year can only improve the overall interests of people in the industry to guarantee real and basic consumer protection, and so far, the industry looks like a frenzy in the Midwest in terms of the 'anything' actions of key participants in the cryptocurrency sector," added Johnson Horrell, chairman of the CFC supervisory board, while mentioning the intention behind the move.

The federation firmly believes that the House will hold the first hearing of the bill in April.

While California politicians are trying to introduce data encryption laws and regulations, the California Motor vehicle Administration (DMV) has tried to digitize car ownership and ownership transfer based on personal Tezos blockchain technology.

Ajayi Gupta, chief digital officer of the California Institute of vehicle Management, said the agency expects to deal with the shadow book problem in the next three months, according to Cointelegraph.