On or after Jul. 1, 2026, person cannot engage in digital financial asset business activity, hold out as being able to engage in digital financial asset business activity.
Unless the person is licensed in State, submits application on or before Jul. 1, 2026, and is awaiting approval or denial of that application or is exempt from licensure.
Licensee is required to maintain records for all digital financial asset business activity.
All records maintained by a licensee are subject to inspection by the department.
Covered person may exchange, transfer stablecoin, whether directly or via agreement with digital financial asset control services vendor, if approved by commissioner.
Commissioner may approve stablecoin for exchange, transfer, or storage by a covered person, if stablecoin does not compromise interests of residents who use stablecoin.
The commissioner may require stablecoin issuer to obtain a license and may impose additional requirements, restrictions, or prohibitions on the activities of the issuer.
Can also revoke approval if, commissioner determines stablecoin issuer markets to create belief that stablecoin poses no more risk than risks posed to user of bank credit.
Commissioner shall make stablecoin approval available on department’s website.
Legislative History
On Jan. 25, 2024, bill introduced in Assembly; on Apr. 18, 2024, bill passed Assembly.
On Apr. 18, 2024, bill was introduced in Senate; on Aug. 12, 2024, bill passed Senate.
On Aug. 23, 2024, bill was enrolled and presented to CAL LEG governor for approval.
Effectiveness
Bill provisions effective Jan. 1, 2025; delayed DFAL operative dates to Jul. 1, 2026.
Sep. 2024 CAL LEG Governor Approved
On Sep. 29, 2024, CAL LEG reported governor approved bill, assigned Ch. 945.
