On July 16, Elon Musk announced that he would move the headquarters of X and SpaceX from California to Texas in response to Governor Gavin Newsom's passage of Bill AB1955, which he criticized as anti-family. Musk also cited California's hostile regulatory environment as the reason for the relocation. 

According to this billionaire, X headquarters will move to Austin, Texas, and SpaceX headquarters will move to Starbase, Texas.

After his announcement, Musk commented that he "had enough dodging violent drug groups just to get in and out of the building" before commenting on the bill which he said would prevent schools from notifying parents if their child identifies as transgender.

“I made it clear to Governor Newsom about a year ago that legislation of this type would force families and companies to leave California to protect their children.”

California: hostile to cryptocurrencies?

Musk has been a vocal supporter of cryptocurrency in the past, although his views on Bitcoin mining have changed in 2021. California has one of the strictest financial regulatory environments in the country. United States, this directly affects cryptocurrencies. 

In 2023, Gavin Newsom signed the “Digital Financial Assets Act,” which imposes strict reporting requirements and requires entities and individuals to obtain a license from the Department of Innovation and Protection. Finance (DFPI) to conduct some cryptocurrency operations.

Related: Elon Musk's X could face a $200 million EU fine over alleged DSA violations

The bill, expected to take effect in 2025, also requires license holders to maintain business records and sensitive data for five years.

Previously, in 2022, Newsom refused to sign a similar bill, saying the effort to regulate the cryptocurrency market failed to create strong regulations to keep up with the digital asset landscape developing.

More recently, a judge in California allowed a lawsuit accusing Ripple of selling unregistered securities to proceed despite an earlier ruling by Judge Analisa Torres, which determined that secondary sales of XRP ( XRP) does not constitute a sale of securities. The ruling was based on the view that the XRP token did not meet the Securities and Exchange Commission's security criteria under the Howey test.

Judge Phyllis Hamilton's approval of the case will leave it to the jury to decide whether Ripple CEO Brad Garlinghouse made "false statements" in 2017 regarding his public beliefs. for XRP while simultaneously selling some of its shares.

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