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California Financial Services Industry Cryptocurrency

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

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

Paul Hastings LLP

State Stablecoin Legislation

Paul Hastings LLP on

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

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

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

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

Allen Matkins

After Vetoing Earlier Bill, Governor Signs Digital Financial Asset Bill

Allen Matkins on

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

Allen Matkins

Someone's Knockin' At The Door, But It May Not Be The DFPI

Allen Matkins on

Last week, the California Department of Financial Protection & Innovation issued a warning about yet another fraudster's attempt to separate investors from their money...more

Ballard Spahr LLP

California Reconsidering the “Digital Financial Assets Law”

Ballard Spahr LLP on

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

Allen Barron, Inc.

IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs

Allen Barron, Inc. on

What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you?  NFTs are unique tokens based in and recorded within a blockchain that...more

Orrick, Herrington & Sutcliffe LLP

DFPI cracks down on crypto platforms’ AI claims

On April 19, the California Department of Financial Protection and Innovation (DFPI) announced enforcement actions against five separate entities and an individual for allegedly offering and selling unqualified securities and...more

Orrick, Herrington & Sutcliffe LLP

Crypto lender to provide refunds to Californians

On March 27, the California Department of Financial Protection and Innovation (DFPI) announced that a New Jersey-based crypto lending platform has agreed to provide more than $100,000 in refunds to California residents. ...more

Sheppard Mullin Richter & Hampton LLP

Recent Crypto Settlements Signal State and Federal Enforcement Trends

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

Allen Matkins

Assembly Member Takes Another Run At Digital Financial Asset Law

Allen Matkins on

In June of last year,  noted the introduction of a bill that would subject digital financial asset businesses to licensing in California. In September, Governor Gavin Newsom vetoed the bill stating that it would be "premature...more

Orrick, Herrington & Sutcliffe LLP

DFPI announces $22.5 million multistate settlement with crypto platform

On January 26, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a $22.5 million settlement agreement with a Cayman Islands digital asset firm to resolve a securities...more

Allen Matkins

DFPI Issues Numerous Detailed Warnings Of Possible Cryptocurrency Broker Frauds

Allen Matkins on

Shortly after Christmas, the California Department of Financial Protection & Innovation began issuing consumer alerts with respect to possible cryptocurrency broker frauds.  These alerts generally involved alleged "Advance...more

Sheppard Mullin Richter & Hampton LLP

CFPB and State Regulators Hone in on Interest-Bearing Crypto Accounts

On November 22, the CFPB denied a crypto lending institution’s petition for an order modifying a pending civil investigative demand (“CID”) that the Bureau issued to the institution in December of 2021. The CFPB issued the...more

Morgan Lewis - All Things FinReg

The California Crypto Rush—or Crypto Bust?

New cryptocurrency legislation awaits California Governor Gavin Newsom’s signature after passing the California Assembly on August 30, 2022. If signed into law, California’s Digital Financial Assets Law would create sweeping...more

Sheppard Mullin Richter & Hampton LLP

California Regulator Seeks Comment on Future Crypto Guidance

On June 1, the California DFPI began formally seeking input from the public to assist in developing guidance and regulatory clarity for Blockchain and Crypto companies as directed by Governor Newsom’s Executive Order (which...more

Allen Matkins

California Regulator Seeks Comments On Crypto Asset Related Financial Products

Allen Matkins on

In accordance with Governor Gavin Newsom's executive order, California's Department of Financial Protection & Innovation is soliciting coments concerning crypto asset related financial products.  The DFPI's invitation for...more

Jones Day

California Governor Orders Agencies to Create Transparent Regulatory Framework for Blockchain and Digital Assets

Jones Day on

California's governor issued an executive order requiring state agencies, led by the Department of Financial Protection and Innovation, to create a "transparent" regulatory framework for blockchain technologies and digital...more

Jenner & Block

California’s Consumer Finance Regulator and Fintech: A Look at the DFPI’s First Year

Jenner & Block on

The regulation and enforcement of financial technology (Fintech) remains in sharp focus for California’s consumer finance regulator, the Department of Financial Protection and Innovation (DFPI), as it moves into its second...more

Jenner & Block

California’s Consumer Finance Regulator and Fintech: A Look at the DFPI’s First Year

Jenner & Block on

The regulation and enforcement of financial technology (Fintech) remains in sharp focus for California’s consumer finance regulator, the Department of Financial Protection and Innovation (DFPI), as it moves into its second...more

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