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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.

Cryptos plummeted Tuesday. (Jay Radhakrishnan/Getty Images)
Cryptos plummeted Tuesday. (Jay Radhakrishnan/Getty Images)