California enacted its own version of New York's "BitLicense" law, the Digital Financial Assets Law (DFAL),1 becoming one of the first US states to implement a virtual currency-specific regulatory regime.
California governor Gavin Newsom signed two bills (Assembly Bill 39 and Senate Bill 401) into law on October 13, 2023, that will create an imposing regulatory framework.
On October 13, California Governor Gavin Newsom signed AB 39, called the Digital Financial Assets Law (DFAL), to regulate companies engaged in digital asset activities in California.
On November 20, 2023, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on a potential rulemaking relating to two new California laws.