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ARTICLE · 26 SEPTEMBER 2022

California One Step Closer To Requiring Cryptocurrency Licenses

Harris Beach
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California is one step closer to joining New York in requiring cryptocurrency licenses.

United StatesTechnology
Peri A. Berger
Peri A. Berger
Paulo M. Coelho
Paulo M. Coelho
Xanthe M. Larsen
Xanthe M. Larsen
Constantine P. Lizas
Constantine P. Lizas

California is one step closer to joining New York in requiring cryptocurrency licenses.

Governor Gavin Newsom has until September 30 to sign or veto the Digital Financial Assets Law, which would go into effect in 2025. The bill requires companies offering services that involve investing, lending, or trading cryptocurrencies to register with the state's Department of Financial Protection and Innovation.

Proponents of the bill call it balanced and claim it establishes responsible guardrails to protect consumers, while detractors argue it produces an onerous process that will drive crypto businesses from the state – an important issue given that California is home to some notable crypto players, including Coinbase and Ripple.

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