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The Digital Financial Assets Law (DFAL) generally regulates digital financial asset business activity, including by prohibiting a covered person from taking certain actions with digital financial assets if that asset is a stablecoin, as defined and prescribed. The DFAL requires, among other charges, an applicant for a license to include a nonrefundable fee with an application, as specified. This bill would require the Department of Financial Protection and Innovation, in consultation with the Treasurer and the Controller, to adopt regulations to allow specified payments required under the DFAL to be made with stablecoins. The bill would require the department to submit, on or before January 1, 2029, a report to the Legislature on those regulations, as specified. The bill would require the Treasurer and the Controller to submit, on or before January 1, 2028, a report to the Legislature containing specified recommendations. This bill would become operative on July 1, 2027, and sunset its provisions on January 1, 2032.
Introduced
Feb 21, 2025
Last Action
Aug 29, 2025
Session
CA 20252026
Sponsors
1 primary · 0 co
In committee: Held under submission.
In committee: Referred to suspense file.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (July 15). Re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on JUD.
From committee: Amend, and do pass as amended and re-refer to Com. on JUD. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (July 2).
Referred to Coms. on B. & F.I. and JUD.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1881.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 14. Noes 0.) (May 23).
In committee: Set, first hearing. Referred to APPR. suspense file.
Re-referred to Com. on APPR.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (April 21).
Re-referred to Com. on B. & F.
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
Re-referred to Com. on B. & F. pursuant to Assembly Rule 96.
Re-referred to Com. on C. & C.
From committee chair, with author's amendments: Amend, and re-refer to Com. on C. & C. Read second time and amended.
Re-referred to Com. on C. & C.
Referred to Com. on C. & C.
From committee chair, with author's amendments: Amend, and re-refer to Com. on C. & C. Read second time and amended.
Read first time.
From printer. May be heard in committee March 24.
Introduced. To print.
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
In committee: Held under submission.