Cointelegraph: California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in July 2025.
In a statement published on Oct. 13, Newsom declared that the bill, titled the Digital Financial Assets Law, will make it mandatory for both individuals and firms to obtain a Department of Financial Protection and Innovation (DFPI) license to engage in digital asset business activities.
PYMNTS: J.P. Morgan Chase says it has marked a milestone with its tokenized collateral network (TCN).
The banking giant announced Wednesday (Oct. 10) that the network had facilitated its first collateral settlement for a live client over-the-counter (OTC) derivative transaction.
“BlackRock and Barclays are now live on TCN, an application which sits on J.P. Morgan’s Onyx Digital Assets platform, operating as a private blockchain which is used for tokenized asset movements including collateral settlements,” J.P. Morgan said in a news release provided to PYMNTS.
According to the release, BlackRock has tokenized the representation of shares in a money market fund (MMF) though TCN. Using blockchain settlement technology to transfer the ownership of MMF shares will add utility to MMFs and potentially increase their resiliency.
🗒️ California Adopts New Law Requiring VC Companies to Collect Diversity Data From Portfolio Company Founders
Cooley: California’s governor recently signed into law SB 54, a bill intended to increase transparency regarding diversity of founding teams in the venture capital (VC) industry. The new law will require VC companies, including “venture capital funds” (as defined in the Investment Advisers Act of 1940), with a nexus to California to report to the California Civil Rights Department (CRD) on the diversity of the founding members of companies in which they invest.
Techcrunch: You cannot escape conversations about AI no matter how far or fast you run. Hyperbole abounds around what current AI tech will be able to do (revolutionize every industry!) and what current AI tech will be able to do (take over the world!). Closer to the ground, TechCrunch+ is working to understand where startups might find footholds in the market by levering large language models (LLMs), a recent and impactful new method of creating artificially intelligent software.
Top 3 book summaries this week 📚
The Customer Loyalty Loop by Noah Fleming
Most companies don’t truly understand what they need to do to keep a customer. Noah Fleming does.He wrote The Customer Loyalty Loop to teach us the psychology of customer experience and what we can do to influence our customers to continue to do business with us over and over again.
Stumbling On Happiness by Daniel Gilbert
As human beings we spend a lot of time predicting what will make us happy in the future.This book is all about why we are particularly bad at this task, and what we can do about it to lead a happier life.
Radical Candor by Kim Scott
Author Kim Scott has seen a lot during her career. She's run startups, worked at Google for Sheryl Sandberg, and worked at Apple at their famed Apple University. Along the way she's picked up what makes leaders at companies like Google and Apple so successful, and she calls this leadership style Radical Candor.