News & Analysis as of

California Digital Assets

Troutman Pepper Locke

California’s DFPI Brings First Enforcement Action Under California’s Digital Financial Assets Law

Troutman Pepper Locke on

On June 25, the California Department of Financial Protection and Innovation (DFPI) entered a consent order with Coinme, Inc., a cryptocurrency “ATM” operator, for noncompliance with the California’s Consumer Financial...more

Sheppard Mullin Richter & Hampton LLP

DFPI Finalizes $300,000 Settlement with Crypto Kiosk Operator for Alleged Digital Asset Law Violations

On June 25, the California DFPI announced that it had finalized a consent order with a cryptocurrency kiosk operator, alleging violations of the Digital Financial Assets Law (DFAL) and the California Consumer Financial...more

Orrick, Herrington & Sutcliffe LLP

DFPI settles with crypto kiosk operator for $350K+

On June 25, the California DFPI announced it had entered into a consent order with a crypto kiosk operator for violations of the Digital Financial Assets Law (DFAL). Under the consent order, the operator agreed to pay a...more

Sheppard Mullin Richter & Hampton LLP

California Assembly Advances Bill to Permit Crypto Payments under DFAL

On June 2, the California State Assembly unanimously passed Assembly Bill 1180, which now moves to the California Senate for consideration. The bill would require the Department of Financial Protection and Innovation (DFPI)...more

Allen Matkins

Digital Financial Assets - Out Of The Frying Pan And Into The Fire?

Allen Matkins on

The application of the securities laws to digital financial assets has been fraught for lawyers and their clients. After taking a hard line that many of these assets were securities under the federal securities laws, the...more

Shipkevich PLLC

California Regulatory Update: DFPI Proposes Rules Regarding Licensing Under Digital Financial Assets Law (DFAL)

Shipkevich PLLC on

On April 4, 2025, the California Department of Financial Protection and Innovation (“DFPI”) issued a notice of proposed rulemaking to implement portions of the State’s Digital Financial Assets Law (“DFAL”) related to...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Proposes Digital Asset Licensing Rule

On April 4, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations under the Digital Financial Assets Law (DFAL). The proposal provides clarification on DFAL’s licensing framework...more

Stinson LLP

California DFPI Issues Proposed Regulations in Connection with the Implementation of its Digital Financial Asset Licensing Regime

Stinson LLP on

On April 4, 2025, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations to implement certain aspects of the state’s Digital Financial Assets Law (DFAL), which establishes a...more

Moore & Van Allen PLLC

The Desk: April Edition

March is over and all of our brackets are busted. We hope you have been enjoying, Moore & Van Allen’s very own, Jay Bilas’ coverage on ESPN. In this month’s newsletter we will walk you through the CFTC’s continued updates on...more

Paul Hastings LLP

State Stablecoin Legislation

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Stablecoins, which are digital assets pegged to fiat currency or other assets, play a crucial role in crypto markets, offering price stability and facilitating transactions. Despite their growing significance, there is no...more

Allen Matkins

Is A DAO A General Partnership, Unincorporated Association, Or Nothing At All?

Allen Matkins on

According to the Securities and Exchange Commission, a DAO is a "term used to describe a 'virtual' organization embodied in computer code and executed on a distributed ledger or blockchain".  That does not answer the...more

Allen Matkins

Looking For A Crypto Scam?  You Might Find It Here

Allen Matkins on

The California Department of Financial Protection & Innovation has created an online "Crypto Scam Tracker" that allows the public to  by search company name, scam type, or keywords.  Scams reported on the Tracker are  based...more

Orrick, Herrington & Sutcliffe LLP

California DFPI revokes cryptocurrency lender’s license after suspension

On October 28, the California DFPI revoked a cryptocurrency lender’s California Licensing Law (CFL) license based on alleged violations, including improper practices related to digital asset collateral loans, including...more

Allen Matkins

As Predicted, Digital Financial Asset Law Is Delayed

Allen Matkins on

Exactly one year ago today, I wrote that Governor Newsom had signed a bill, AB 39, that will prohibit a person from engaging in digital financial asset business activity without a license from Department of Financial...more

Katten Muchin Rosenman LLP

Privacy, Data and Cybersecurity Quick Clicks | Issue 21

Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more

Troutman Pepper Locke

Calif. Banking Brief: The Notable Compliance Updates in Q3

Troutman Pepper Locke on

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

Allen Matkins

DFPI Invites Comments On DFAL Rulemaking

Allen Matkins on

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

Troutman Pepper Locke

Joining the Conversation: California DFPI Invites Comments on Digital Financial Assets Law

Troutman Pepper Locke on

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

Cooley LLP

California DFPI Invites Comments on Potential Rulemaking to Implement Digital Financial Assets Law

Cooley LLP on

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

Wilson Sonsini Goodrich & Rosati

Incoming: California's Digital Financial Assets Law Dropping July 1, 2025

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

A&O Shearman

California enacts two new virtual currency laws: What market participants need to know

A&O Shearman on

On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more

Troutman Pepper Locke

Well, California Has Decided to Regulate Crypto

Troutman Pepper Locke on

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

Paul Hastings LLP

Seven Things to Know About California’s New Crypto Licensing Bill

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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

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

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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

Fenwick & West LLP

California Enacts Digital Financial Assets Law

Fenwick & West LLP on

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

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