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ARTICLE · 15 APRIL 2025

California DFPI Issues Formal Rulemaking For Digital Financial Asset Regulation

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The California Department of Financial Protection and Innovation (DFPI) on April 4, 2025, issued its formal notice of rulemaking for digital financial business regulation...

United StatesTechnology
Jeremy Meier
Jeremy Meier
Barbara A. Jones
Barbara A. Jones
Marina Olman-Pal
Marina Olman-Pal
Patrick Shannon
Patrick Shannon

The California Department of Financial Protection and Innovation (DFPI) on April 4, 2025, issued its formal notice of rulemaking for digital financial business regulation, following receipt of two sets of 2024 comments on its draft proposed rules for California's "Digital Finance Assets Law" (DFAL) (AB 39 and SB 401, 2023).

By way of background, Gov. Newsom signed Assembly Bill 39 and Senate Bill 401 in 2023. On Sept. 29, 2024, Gov. Newsom signed AB 1934, which extended the licensing deadline under DFAL from July 1, 2025, to July 1, 2026.

As of July 1, 2026, covered companies must have obtained a license from or have applied for a license with the DFPI to operate in California.

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