Bill Sponsor
California Assembly Bill 1934
Session 20232024
Digital financial asset businesses.
Became Law
Became Law
Became Law on Sep 29, 2024
First Action
Jan 25, 2024
Latest Action
Sep 29, 2024
Origin Chamber
Assembly
Type
Bill
Bill Number
1934
State
California
Session
20232024
Sponsorship by Party
Assembly Votes (4)
Senate Votes (3)
Summary
Existing law, the Digital Financial Assets Law, prohibits, on or after July 1, 2025, a person from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with, or on behalf of, a resident, unless any of certain criteria are met, including that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2025, and is awaiting approval or denial of that application. Existing law defines "digital financial asset" for these purposes to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, except as specified. Existing law also defines "covered person" to mean a person required to obtain a license under these provisions. This bill would extend the July 1, 2025, dates to July 1, 2026. Existing law requires a licensee to maintain, for all digital financial asset business activity with, or on behalf of, a resident for 5 years after the date of the activity, certain records, including a general ledger maintained at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee. This bill would require a licensee to also maintain, if applicable, a report maintained at least monthly that demonstrates compliance with conditions that authorize the licensee to exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, as specified. Existing law requires, on or after July 1, 2025, a covered person to make certain disclosures for the protection of residents, as prescribed, and to maintain in its control an amount of each type of digital financial asset sufficient to satisfy the aggregate entitlements of the persons to the type of digital financial asset, as prescribed. This bill would extend the July 1, 2025, date to July 1, 2026. Existing law generally regulates, on or after July 1, 2025, the provision of stablecoins, as prescribed, including by prohibiting a covered person from exchanging, transferring, or storing a digital financial asset that is a stablecoin or engaging in digital financial asset administration of a stablecoin, as specified, unless certain conditions are met. This bill would extend the July 1, 2025, date to July 1, 2026, and would specify that a covered person may exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, as specified, if the stablecoin is approved by the commissioner and complies with certain requirements, restrictions, or prohibitions established by the commissioner. Existing law requires, on or after July 1, 2025, an operator of a digital financial asset transaction kiosk that does not itself engage in digital financial asset business activity to ensure that the person engaging in digital financial asset business activity via the digital financial asset transaction kiosk has a license pursuant to these provisions. This bill would extend the July 1, 2025, date to July 1, 2026.
Actions (20)
09/29/2024
California State Legislature
Chaptered by Secretary of State - Chapter 945, Statutes of 2024.
09/29/2024
California State Legislature
Approved by the Governor.
08/23/2024
California State Legislature
Enrolled and presented to the Governor at 4 p.m.
08/15/2024
Assembly
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 75. Noes 0. Page 6317.).
08/12/2024
Assembly
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 14 pursuant to Assembly Rule 77.
08/12/2024
Senate
Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0.).
08/06/2024
Senate
Read second time. Ordered to Consent Calendar.
08/05/2024
Senate
From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.
07/03/2024
Senate
From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (July 2). Re-referred to Com. on APPR.
06/20/2024
Senate
From committee: Do pass and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 19). Re-referred to Com. on JUD.
05/23/2024
Senate
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
05/01/2024
Senate
Referred to Coms. on B. & F.I. and JUD.
04/18/2024
Senate
In Senate. Read first time. To Com. on RLS. for assignment.
04/18/2024
Assembly
Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 0.)
04/11/2024
Assembly
Read second time. Ordered to Consent Calendar.
04/10/2024
Assembly
From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 10).
04/02/2024
Assembly
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 8. Noes 0.) (April 1). Re-referred to Com. on APPR.
02/05/2024
Assembly
Referred to Com. on B. & F.
01/26/2024
Assembly
From printer. May be heard in committee February 25.
01/25/2024
Assembly
Read first time. To print.
Graphics
CA AB1934 20232024 Digital financial asset businesses
Sources
Record Created
Jan 26, 2024 12:16:16 PM
Record Updated
Nov 13, 2024 12:27:29 PM