CALIFORNIA AND CRASHING CRYPTO:Gov. Gavin Newsom he opened California’s arms to the cryptocurrency industry earlier this month with an executive order it issued citing the emergency powers it obtained during the pandemic.
A week later, crypto was in fusion mode.
- The stablecoin TerraUSD has lost its relationship with the dollar and its cryptocurrency-linked Luna has fallen worthless.
- Bitcoin fell to less than $ 30,000far from its November peak of more than $ 68,000.
- All in all, the crypto markets they saw $ 500 billion disappear during the last month.
Cryptoceptics in Sacramento and beyond said: I already told you.
Regardless of how digital money markets are resolved – or not – from here, the debate over the web3 and Sacramento cryptocurrencies is burning behind the scenes as some lawmakers are not entirely satisfied with what is considered a pro-industry sign of the governor. Newsom pro-industry sign sending Newsom executive order.
In the order, Newsom states that California will work in conjunction with President Joe Biden’s federal push to explore crypto and blockchain, to create stability for the market, and a regulatory scheme for consumers.
It is worth noting that California has lagged behind other states such as New York by taking proactive regulatory action and opting for cryptographic policy.
The legislature itself has remained conservative on cryptographykilling two proposals this year that would have expanded the use of digital currency – even in state operations, as the Newsom order orders the state to explore.
There are two main actors appointed by Newsom’s executive order to chart the state’s cryptographic path:
– The Governor’s Office of Economic and Business Development, or GO-Biz, which seeks to attract and retain business in California.
– The State Department of Financial Protection and Innovation, a recently renamed consumer protection office. –safeguarding financial laws, handling complaints, and educating Californians about the risks.
When asked about the recent market drama, both agencies were shy.
The governor wants to “explore opportunities for new technologies to improve government services.” GO-Biz spokeswoman Heather Purcell responded in a statement, adding that recent market developments “underline the need for this work”.
A DFPI spokesman echoed Purcell’s responsesaying, “Current market fluctuations underscore the need for DFPI’s work to continue as planned.”
Meanwhile, consumer advocacy groups are wary. Robert Herrell, executive director of the California Consumer Federation, said his group is concerned about the executive order, and especially the role of GO-Biz in it, “dangerously close to cheering when consumer caution and protection should be the focus.” of California “.
HAPPY TUESDAY AFTERNOON! Welcome to the California Playbook PM, a POLITICO newsletter that serves as a checkpoint on the afternoon temperature of California politics and a look at what our journalists are seeing about politics. We will run from Monday to Thursday until June 9 before returning in August for the legislative term. Do you have any tips or suggestions? Send an email to [email protected] e [email protected] or send one shout on Twitter. DMs are open!
PRIMARY SCHOOL MASSACRE: An 18-year-old boy killed 14 students and a teacher at a Texas elementary school this morning, Gov. Greg Abbott. confirmed today. The suspect is dead, believed to have been killed by responding officers. The regent added that the alleged shooter was carrying a pistol and possibly a rifle as well.
The robbery at Robb Elementary School in Uvalde, Texas, came shortly before the California Senate passed a measure to have school officials and police investigate threats of mass violence, as well as a Newsom-backed bill to hold manufacturers accountable. and gun dealers from the shootings. on the Texas Abortion Prohibition (More on both below).
Newsom, who pitted California against Texas in its push for tighter gun control, tweeted shortly after Abbott’s announcement and blamed Republicans for the tragedy. “Another shooting,” he wrote. “And the People’s Party will do nothing about it.” He added: “This is avoidable. Our inaction is a choice,” as he called for “comprehensive” federal legislation.
WEAPON CONTROL: State senators today passed a bill creating a private right of action against gun manufacturers and distributors, inspired by the Texas abortion ban. Senate Bill 1327 of the Sen. Bob Hertzberg (D-Van Nuys) is now going to the Assembly for a vote before he can get the governor’s signature. – Lara Korte
SCHOOL VIOLENCE: School officials and police would have to investigate any threat or threat of “perceived” mass shooting under legislation authorized today by the California Senate. The vote almost coincided with the Texas elementary school massacre.
Senate Bill 906 of the Sen. Antonio Portantino (D-La Cañada Flintridge) says local high school and high school leaders would have to immediately report threats of “a mass casualty incident” to police, who would then have to follow those leads.
His bill was easily passed with a vote in the party line, receiving unanimous support from Democrats, and now passes to the Assembly. But ACLU California argued that the “extremely broad definition of ‘threat or perceived threat'” would in some cases subject students to “well-documented damage caused by contact with law enforcement.” – Blake Jones
LABOR RIGHTS FOR #CALEG – Lawmakers met outside the Capitol this morning to promote a renewed effort to allow legislative staff to collectively negotiate the terms of their employment. It is a repeat of previous attempts to legalize the practice, which advocates say should be the standard in such a pro-work state.
Assemblyman Mark Stone (D-Santa Cruz) carries the bill, along with 31 co-authors. Stone dropped the job proposal on an unrelated bill, AB 1577, which is now in the Senate. “We have to trust our workers and give them the same opportunities and the same rights and the same empowerment that we demand from other employers in this state,” the assembly said. Ash Kalra (D-San Jose) told reporters today. – Lara Korte
MONKEYPOX MESSAGE: Health officials today reported the first suspected case of monkeypox in California a patient from Sacramento County recently returned from abroad. But the immediate message from public health experts was that the risk is low for the general population.
Monkeypox is not as transmissible as Covid, as it spreads through close skin-to-skin contact, and is not a new virus (first identified in humans in 1970). But there has been an alarming increase in cases in countries with virtually no history of the disease. including the United Kingdom, Spain and Portugal. State epidemiologist Erica Pan is “promoting awareness among health care providers and the public,” including proper control of infections in health facilities. The CDPH has also just created a new one monkeypox resource page. So even if the panic is not justified, caution is evident. – Victoria Colliver
Compiled by Juhi Doshi
“UC pays $ 700 million to women who accused UCLA gynecologist of sexual abuse”By Richard Winton of the Los Angeles Times: “The University of California system agreed Tuesday to settle the lawsuits filed by hundreds of alleged victims of a former UCLA gynecologist, bringing the total litigation payments to nearly $ 700 million, the highest ever for sexual abuse at a university. public.
The last $ 374.4 million in settlements covers 312 former patients who sued claiming they were abused by Dr. James Heaps under the pretext of medical examinations between 1983 and 2018.
“SEIU California achieves election victory on CalPERS board at $ 240,000”By Wes Venteicher of Sacramento Bee: “A candidate backed by the International Service Employees Union won the CalPERS board election, marking the third victory of a SEIU – backed candidate in less than a year.
Mullissa Willette, 39, a tax-exempt researcher at the Santa Clara County Assessor’s Office, won by a considerable margin with the support of several branches of the powerful public service union, according to the results of the unofficial CalPERS election.
Willette received 62% of the vote, defeating Bay Area Rapid Transit’s special project manager Richard Fuentes, according to CalPERS results posted online last week. Current local government employees with CalPERS-administered benefits could vote in the election, and 12,990 of them did. “
– The FBI alleged that the mayor of Anaheim destroyed Angel Stadium recordsto hide from a grand Orange County jury. (Voice of OC)
– The Speaker of the House, Nancy Pelosihe challenged the decision of the Archbishop of San Francisco to deny him communion. (SF Chronicle)
– A San Clemente woman accepted a guilty pleahis role in the January 6 U.S. Capitol violation. (OC registration)