Lawmakers in California State Assembly 71-0 passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state’s governor Gavin Newsom, who will either set it into motion or veto it completely.
This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California's Department of Financial Protection and Innovation. Any operations outside of said license will be prohibited. It would come into effect on and after Jan. 1, 2025.
If not followed, perpetrators could receive a civil penalty up to $100,000 for each day of violation.
Assemblyman Timothy Grayson (D-Concord), who sponsored the bill, previously stated he understands the excitement around cryptocurrencies and digital assets.
“I’m impressed by the market’s ability to help consumers feel empowered to make financial investments and participate in a system that has, in many cases, felt closed off to them."
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