News & Analysis as of

California Cryptoassets

Allen Matkins

DFPI Issues 2023 CCFPL Report

Allen Matkins on

Last week the California Department of Financial Protection & Innovation issued a report of its activities under the California Consumer Financial Protection Law.   The California legislature enacted the CCFPL in 2020 for the...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

Well, California Has Decided to Regulate Crypto

Troutman Pepper 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

Allen Matkins

DFPI Goes Multimedia In Recent Crypto Enforcement Actions

Allen Matkins on

Early this week, the California Department of Financial Protection and Innovation issued desist and refrain orders alleging violations by the following individual and entities...more

Allen Matkins

SEC Files Desist & Refrain Order Against Coinbase Alleging Failure To Qualify Staking Rewards Program

Allen Matkins on

Yesterday, the California Department of Financial Protection & Innovation announced that it had issued a desist and refrain order against Coinbase, Inc. The order alleges that Coinbase's staking rewards program involved the...more

Allen Matkins

California Bill Would Regulate "Digital Financial Asset Transaction Kiosks"

Allen Matkins on

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

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

Proskauer - Blockchain and the Law

Consumer Law Claims against French Crypto Asset Wallet Provider May Proceed in California Court

Customer lists held by providers and the personal information users enter to obtain digital wallets or set up crypto exchange accounts are enviable targets for hackers. Such data can be used to launch targeted phishing...more

Fisher Phillips

What Employers Need to Know as California Passes New Blockchain Law But Declines Broader Regulation – For Now

Fisher Phillips on

California just passed a new law that will continue to keep the state front and center when it comes to the continued adoption of blockchain technology. However, at the same time, Governor Gavin Newsom vetoed broader...more

Allen Matkins

Does California Regulate Finfluencing?

Allen Matkins on

A week ago, the United States Securities and Exchange Commission charged Kim Kardashian with touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the...more

Brownstein Hyatt Farber Schreck

To Regulate or To Innovate?

CALIFORNIA GOVERNOR SIGNALS A DIFFERENT APPROACH TO MANAGING CRYPTOCURRENCY MARKETS - In the evening hours of Friday, Sept. 23, California Gov. Gavin Newsom quietly dispatched a controversial bill that sought to establish a...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

Allen Matkins

DFPI Charges Digital Asset Company With More Than 50,000 CFL Violations

Allen Matkins on

Yesterday's post concerned a bill pending in the California legislature that would impose a licensing requirement on persons engaging in "digital financial asset business activity", or holding itself out as being able to...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

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