According to Bitcoin News, the California Department of Financial Protection and Innovation (DFPI) has submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) opposing its proposed Crypto Asset Regulation Rule, arguing that restricting state-level registration and qualification requirements would weaken pre-IPO investment screening. The proposal would allow eligible issuers to raise up to $5 million over four years through a startup exemption, or up to $75 million within any 12-month period through a crypto financing exemption, and would include disclosure and reporting requirements. Federal anti-fraud regulations would remain in effect, and states would retain the authority to investigate securities fraud and illegal brokerage practices. https://www.(wublock123.com)/news/california-opposes-sec-crypto-regulation-proposal-state-review-harms-investor-protection-70681