Tag: California

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California Legislators Continue To Assess How To Regulate Digital Assets
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California Soliciting Comments on Potential Regulation of Crypto Products and Services
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California’s Executive Order Embraces Crypto
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California Imposes Additional Requirements on Money Transmitters
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Proposed Regulations under the California Consumer Privacy Act

California Soliciting Comments on Potential Regulation of Crypto Products and Services

By Jeremy McLaughlin and Christian A. Zazzali

On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets, which seeks sensible, transparent regulation through engagement with developers of digital asset-related products and services. For a detailed discussion on the executive order, see our prior blog here. In response, California’s financial regulator, the Department of Financial Protection and Innovation (DFPI), issued an invitation to submit comments on crypto-asset related products and services under the California Consumer Financial Protection Law (CCFPL).  The deadline for submission is August 5, 2022.

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California’s Executive Order Embraces Crypto

By Jeremy McLaughlin and Christian A. Zazzali

On May 4, 2022, California Governor Gavin Newsom issued an executive order on digital assets largely echoing the positive sentiments of President Biden’s February executive order. The order looks to create transparent regulation around digital assets and drive innovation into the state. By directing state agencies to engage in a cooperative discussion with stakeholders and developers in web3, California seeks to create an informed supplement to the federal report on digital assets, which is due in September. 

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California Imposes Additional Requirements on Money Transmitters

By Jeremy M. McLaughlin

Under a newly-enacted law, money transmitters licensed in California must comply with new customer service requirements starting on July 1, 2022. Under the requirements, a licensee must “prominently display on its internet website a toll-free telephone number through which a customer may contact the licensee for customer service issues and receive live customer assistance.” The line must be operative at least 10 hours a day, Monday through Friday. In addition, California law currently requires a money transmitter to provide a receipt for transactions. Under the new requirements, the receipt must also provide the telephone number through which the customer may contact the licensee for customer service issues.

Proposed Regulations under the California Consumer Privacy Act

By Linda Odom and John ReVeal

On October 10, 2019, the California Attorney General issued proposed regulations under the California Consumer Privacy Act (CCPA). The Attorney General will hold four public hearings, on December 2 through December 5, 2019, during which statements or comments may be presented, orally or in writing. Written comments in addition to those submitted at the public hearing also may be mailed or emailed to the Attorney General’s office until 5:00 p.m. on December 6, 2019.

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