Bill Text: CA AB39 | 2023-2024 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Digital financial asset businesses: regulatory oversight.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-10-13 - Chaptered by Secretary of State - Chapter 792, Statutes of 2023. [AB39 Detail]
Download: California-2023-AB39-Introduced.html
Bill Title: Digital financial asset businesses: regulatory oversight.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-10-13 - Chaptered by Secretary of State - Chapter 792, Statutes of 2023. [AB39 Detail]
Download: California-2023-AB39-Introduced.html
CALIFORNIA LEGISLATURE—
2023–2024 REGULAR SESSION
Assembly Bill
No. 39
| Introduced by Assembly Member Grayson |
December 05, 2022 |
An act to add Division 1.25 (commencing with Section 3101) to the Financial Code, relating to financial regulation.
LEGISLATIVE COUNSEL'S DIGEST
AB 39, as introduced, Grayson.
Digital financial asset market: regulatory oversight.
Existing law, the Money Transmission Act, generally prohibits a person from engaging in the business of money transmission, as defined, without a license from the Commissioner of Financial Protection and Innovation.
This bill would make legislative findings and declarations relating to state oversight of the digital financial asset market.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Division 1.25 (commencing with Section 3101) is added to the Financial Code, to read:DIVISION 1.25. Digital Financial Assets
CHAPTER 1. General Provisions
3101.
The Legislature finds and declares all of the following:(a) Over the past decade, blockchain technology has laid the foundation for a new generation of financial innovation, spurring a rise in new digital financial assets.
(b) The explosion of new digital financial assets on the market has also led to fraud, abuse, and other predatory practices that have caused significant harm to California consumers and investors.
(c) Robust state oversight instills confidence and helps protect consumers and investors, thereby fostering a healthy and sustainable digital financial asset market.
