California’s crypto systems in jeopardy due to budget shortfall

Concerns have been raised that the cryptocurrency-related systems being promoted by the U.S. state of California may be in jeopardy due to a budget shortfall. According to jin10.com, the Department of Financial Protection and Innovation (DFPI), the agency in charge of cryptocurrency-related licenses in California, said that an additional $193 million is needed to implement cryptocurrency systems, including implementation of measures related to the Digital Financial Assets Act. The Digital Financial Assets Act was enacted in 2023 with the goal of establishing a licensing system for digital asset companies.