First Mover Asia: Bitcoin Struggles Following Inflation Report; California Crypto Bill Is an Overstep, Say Legal Experts
The bill would prohibit California-licensed entities from dealing with stablecoins, unless that stablecoin is fully-backed by securities and issued by a bank or licensed by the California Department of Financial Protection and Innovation.
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### Instruction: First Mover Asia: Bitcoin Struggles Following Inflation Report; California Crypto Bill Is an Overstep, Say Legal Experts

### Response: The bill would prohibit California-licensed entities from dealing with stablecoins, unless that stablecoin is fully-backed by securities and issued by a bank or licensed by the California Department of Financial Protection and Innovation.