Bitcoin

California’s regulatory environment often sets precedents for national tech policy. A governor with a Biden administration background may continue federal-level scrutiny on crypto, while a more progressive opponent could push for stricter consumer protections. This race, combined with ongoing ballot counting, delays clarity on future state-level crypto regulations, adding to the broader macro uncertainty that is already depressing risk assets.

A former Biden cabinet secretary advances in the California governor race, with ballots still being counted to determine the November opponent.