Consumer Finance Monitor Podcast Episode: California Consumer Finance Law - Hot Topics and Recent Developments
Crypto and Beyond: California DFPI Opinions on Money Transmission and the Money Transmission Act - The Crypto Exchange Podcast
CA DFPI Request for Comment on Cryptocurrency-Related Financial Products and Services - The Consumer Finance Podcast
On June 5, the California DFPI issued two desist and refrain orders against securities firms for allegedly offering unqualified securities under California’s Corporate Securities Law (CSL). The first order was against a...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
The California Department of Financial Protection and Innovation, or DFPI, continued to have significant influence over legislative and regulatory developments in the third quarter of 2023. Originally published in Law360 -...more
In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law. On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity...more
On November 20, 2023, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed application-related rulemaking under the Digital Financial Assets Law (DFAL). This...more
DFPI recently published a report on consumer crypto-related complaints collected through its new online complaint portal. According to the third-quarter 2023 CSO report, some of the most common complaints include...more
On November 20, DFPI announced it is seeking public comment before it begins its formal rulemaking process on its Digital Financial Assets Law (DFAL), which was enacted on October 13. ...more
On November 20, 2023, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on a potential rulemaking relating to two new California laws that will impose sweeping...more
On October 13, 2023, California Governor Gavin Newsom signed into law California Assembly Bill 39, California’s Digital Financial Assets Law (DFAL). DFAL will regulate “digital financial assets” and require companies engaged...more
On October 13, Governor Gavin Newsom signed into law a comprehensive licensing regime for digital asset companies operating in California. Until this point, California had refrained from taking a definitive position on...more
On October 13, California Governor Gavin Newsom (D) signed Assembly Bill 39 (Digital Financial Assets Law). This new law broadly empowers the California Department of Financial Protection and Innovation (DFPI) to govern...more
Licensees, exchanges, and other market participants should prepare to comply with the listing, disclosure, capital, and other requirements that the new law imposes. On October 13, 2023, California Governor Gavin Newsom...more
As the world’s fifth-largest economy, the state of California plays a critical role in technological innovation globally, including in the areas of blockchain and financial technology. However, until now, the California...more
After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more
On October 13, the California Governor signed AB 39, which will create a licensing requirement for businesses engaging in digital financial asset business activity. Crypto businesses will need to apply for a license with...more
On October 13, California Governor Gavin Newsom signed into law Assembly Bill 39 (AB 39), establishing a Digital Financial Assets Law (DFAL) set to go into effect July 1, 2025. Whereas previously the California...more
A year ago, Governor Newsom vetoed a bill, AB 2269, which would have established a Digital Financial Assets Law. At the time, the Governor claimed that it was "premature to lock a licensing structure in statute". What a...more
The California Department of Financial Protection and Innovation (DFPI) may soon have another regulatory regime under its belt—answering the long-open question of digital asset regulation in California....more
As readers may recall, California previously attempted to enact a “Digital Financial Assets Law” with the introduction of AB 2269 in February 2022. In relevant part, AB 2269 proposed (1) a stringent licensing requirement for...more
In February, I wrote that Assembly Member Timothy S. Grayson was taking another run at enacting a Digital Financial Asset Law. His bill, AB 39, has steadily progressed and is now pending in the Senate. According to the...more
On June 27, the California Department of Financial Protection and Innovation (DFPI) issued a desist and refrain order against a digital asset trading platform and two of its promoters for allegedly selling unqualified...more
On March 8, Silvergate Capital, a leader in crypto lending, announced it was winding down its operations. FTX was one of Silvergate Capital’s biggest clients. The California-based bank is chartered under the supervision of...more
On February 16, the California Department of Financial Protection and Innovation (DFPI) launched a database to help consumers in the state spot and avoid crypto scams. ...more
Relatively few English words both begin and end with the letter "k". Kiosk is one. The word kiosk can be traced to the Persian word, kūsht, which refers to a palace or villa. In Turkish, the word became köşk. In France, a...more
On January 26, the California DFPI announced its participation in a $22.5MM multi-state into a settlement with a with a Cayman Islands digital asset firm to resolve a securities enforcement action in connection with the...more