Digital financial assets: stablecoins.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill revises California’s Digital Financial Assets Law to regulate stablecoins. It clarifies the definition of ‘digital financial asset business activity,’ removing the provision related to online games. It also modifies licensing requirements, allowing conditional licenses based on New York’s virtual currency license, and repeals specific provisions related to stablecoin administration. The bill aims to provide clearer rules for digital asset businesses operating in California.
Key provisions
- Removes the provision defining ‘digital financial asset business activity’ to exclude activities related to online games.
- Allows conditional licenses based on a New York virtual currency license issued before January 1, 2025.
- Repeals provisions specifically addressing the regulation of stablecoins.
- Clarifies the criteria for determining a ‘covered person’ for licensing purposes.
- Requires annual reports to focus on data security breaches.
- Modifies the 14-day notice requirement for changes impacting residents.
- Requires covered persons to provide a description of their order execution practices.
Who is affected
- Digital financial asset businesses operating in California
- Residents of California using digital financial assets
- The Department of Financial Protection and Innovation
- Financial institutions operating in California
Bill text
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Sponsors
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1 on record
Primary sponsor
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