California Department of Financial Protection and Innovation opposes SEC's proposal for exemption from cryptocurrency funding.

The California Department of Financial Protection and Innovation (CalFPI) has submitted a comment to the U.S. Securities and Exchange Commission (SEC) opposing its proposed Regulation of Crypto Assets, arguing that the plan weakens investor protection and limits state-level oversight authority. CalFPI Commissioner KC Mohseni stated that California opposes federal regulators weakening state-level regulatory authority and protections. The proposal would allow issuers to raise up to $5 million over four years, or up to $75 million over 12 months. Ripple, Coinbase, and Nasdaq support the proposed changes. CalFPI noted that its fraud tracking list has added nearly 200 cryptocurrency-related scams, a 30% increase from the previous year. (Source: Bitcoin.com News)