Existing law, the Digital Financial Assets Law, prohibits a person, on or after July 1, 2026, 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. Existing law defines "digital financial asset business activity" to mean any of specified activities, including, among others, exchanging, transferring, or storing a digital financial asset, as specified, or exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games, as provided.
This bill would remove exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games from the definition of "digital financial business activity."
The Digital Financial Assets Law authorizes the Commissioner of Financial Protection and Innovation to approve a stablecoin for various purposes if the commissioner determines that the stablecoin does not compromise the interests of residents who may use the stablecoin as a payment for goods and services or as a store of value. Existing law requires the commissioner to consider specified factors in determining whether to make an approval under those provisions.
This bill would include additional factors the commissioner must consider in determining whether to make an approval under those provisions, as specified.

Statutes affected:
SB 97: 3102 FIN
01/23/25 - Introduced: 3102 FIN
03/12/25 - Amended Senate: 3603 FIN, 3603 FIN, 3102 FIN
03/24/25 - Amended Senate: 3102 FIN, 3102 FIN, 3603 FIN
04/10/25 - Amended Senate: 3102 FIN, 3603 FIN