California (CA)
Overview
Digital Financial Assets Law (DFAL, AB 39) enacted 2023, administered by DFPI. Requires licensing for digital financial asset business activity. DFPI issues desist-and-refrain orders against unlicensed crypto operations. Enforcement of California Consumer Financial Protection Law (CCFPL) extends to crypto. AG's office active on crypto fraud cases. Digital Financial Assets Law (DFAL, AB 39) signed September 2023, effective July 2025. Requires licensing for digital financial asset business activit
Regulatory Facts
California -- Digital Financial Assets Law (DFAL, AB 39) enacted 2023, administered by DFPI. Requires licensing for digital financial asset business activity.
Status: partial, framework-developing
California -- DFPI issues desist-and-refrain orders against unlicensed crypto operations. Enforcement of California Consumer Financial Protection Law (CCFPL) extends to crypto. AG's office active on crypto fraud cases.
Status: active-enforcement
California -- Digital Financial Assets Law (DFAL, AB 39) signed September 2023, effective July 2025. Requires licensing for digital financial asset business activity. Administered by DFPI with BitLicense-comparable requirements.
Status: framework-developing