On October 13, California Governor Gavin Newsom signed into law Assembly Bill 39 (AB 39), establishing a Digital Financial Assets Law (DFAL) set to go into effect July 1, 2025. Whereas previously the California Department of Financial Protection and Innovation (DFPI) declined to extend its money transmission statute to apply to digital asset activities, the new DFAL establishes a comprehensive licensing and examination regime that some are likening to the Bitlicense framework New York…
By: Fenwick & West LLP
By: Fenwick & West LLP
