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ARTICLE · 11 MAY 2022

California's Push For Regulatory Clarity On Crypto Assets & Potential DFPI Enforcement Actions

Lewis Brisbois Bisgaard & Smith LLP
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The executive order is noteworthy because it is among one of the first state-led efforts to push for regulatory clarity and may serve as a framework for other states.

United StatesTechnology
Ishmael Green
Ishmael Green
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Fort Lauderdale, Fla. (May 10, 2022) - In an effort to promote regulatory clarity and establish a "comprehensive, thoughtful, and harmonized regulatory and business environment for crypto assets," California Governor Gavin Newsom issued California Executive Order N-9-22 on May 4, 2022 (the Order). California is currently the largest hub in the United States for crypto and digital asset related companies and home to two of the largest cryptocurrency exchanges in the world. The executive order is noteworthy because it is among one of the first state-led efforts to push for regulatory clarity and may serve as a framework for other states.

Concurrent with the federal strategy articulated in President Biden's Executive Order No. 14067, issued on March 9, 2022 ("Ensuring Responsible Development of Digital Assets"), California's Order directs state agencies to concentrate on four critical areas:

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