CaliforniaDigital financial asset businesses: regulatory fees.
What it does
Existing law, the Digital Financial Assets Law, prohibits a person, on or after July 1, 2026, from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with, or on behalf of, a resident, unless certain conditions are met. These conditions include that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2026, and is awaiting approval or denial of that application. Existing law defines "digital financial asset" for these purposes to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, except as specified.
More detail
Existing law requires an applicant for a license under these provisions to submit the application with a nonrefundable fee in an amount determined by the department to cover the reasonable costs of application review.
This bill would prohibit that fee from exceeding $5,000.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.Latest
- Jan 31Died pursuant to Art. IV, Sec. 10(c) of the Constitution.Major
- 2025
- May 23In committee: Held under submission.
- Apr 9In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- Mar 3From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (March 3). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Feb 10Referred to Com. on B.&F.Minor
- Jan 14From printer. May be heard in committee February 13.
- Jan 13Read first time. To print.Introduced