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State Attorney Alleges Gov. Newsom Interfered in Activision Lawsuit

California isn’t getting its version of the New York BitLicense bill anytime soon after all. Governor Gavin Newsom vetoed the bill Friday.

The bill, sponsored by Democratic Rep. Tim Grayson out of Vallejo, passed by the state assembly in a 71-0 vote at the beginning of September. Like New York State’s 2015 BitLicense legislation, AB 2269 would have set out requirements for the behavior of crypto exchanges such as Coinbase or Binance. Additionally, California crypto exchanges would’ve been prevented from trafficking in stablecoins (cryptocurrencies pegged to the value of an asset like the Yen, dollar, or Euro) without a license to do so.

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Photo provided by UTA

If you need more proof that NFTs have officially invaded Hollywood, look no further than United Talent Agency’s client roster.

The Beverly Hills-based talent agency recently signed Deadfellaz, an NFT collection of 10,000 zombie portraits. UTA counts Larva Labs, the creators behind the CryptoPunks NFT project, as a client, too. Even Coinbase, the publicly traded cryptocurrency exchange, is now part of UTA’s portfolio.

The agency’s foray into the crypto world shouldn’t come as a big surprise. Digital artists are selling NFTs, or non-fungible tokens, for sky-high prices. NFT exchanges like NBA Top Shot have attracted large fan bases willing to shell out money for digital collectibles. And entertainment companies in the music, film and gaming industries have been quick to venture into NFTs—even if there’s still plenty of skepticism about the digital assets.

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Photo provided by Milken Institute

The U.S. is at risk of being left behind by the world of cryptocurrencies as other countries more quickly embrace digital assets, Coinbase co-founder and CEO Brian Armstrong said Monday.

Speaking at the Milken Institute Global Conference in Beverly Hills, Armstrong noted that China began working on a digital currency back in 2014. But as seen with its tight grip on the nation’s internet, the Chinese government has looked to deploy crypto as a means of control, he added—making it all the more important that democracies allow crypto to flourish freely.

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