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California’s financial regulator has opposed the U.S. SEC’s proposed easing of crypto fundraising rules, arguing the changes could weaken investor protections, Bitcoin.com reported.
The California Department of Financial Protection and Innovation submitted a comment letter to the SEC last week and said the proposed Regulation Crypto Assets could limit state authorities’ power to conduct advance reviews of investment products. DFPI Commissioner KC Mohseni said California supports innovation and entrepreneurship, but cannot accept efforts by a federal regulator to weaken its own oversight while undermining state authority and investor safeguards.