DFPI Says No MTA License Required To Issue Tokenized U.S. Dollars

"Tell me the first tokenThat passed between you and me."

Does California Regulate Finfluencing?

A week ago, the United States Securities and Exchange Commission charged Kim Kardashian with touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion.   According...

Governor Newsom Nixes Digital Financial Assets Licensing Bill

Last week, Governor Gavin Newsom vetoed  AB 2269 (Grayson) which would have created a "Digital Financial Assets Law" to be administered by the Department of Financial Protection & Innovation.  The Governor in his veto message asserted that it would...

DFPI's Plethora Of Spoils

In January, 1832, William Learned Marcy rose in the United States Senate to defend Secretary of State Martin Van Buren from criticism by Henry Clay.  Clay's attack on Van Buren is not remembered, but the words of Senator Marcy's defense are still...

DFPI Reports $214.2 Billion In Commercial Loan Originations In 2021

The California Department of Financial Protection & Innovation recently issued is 2021 Annual Report of Operation of Finance Lenders, Brokers, and PACE Administrators Licensed Under the California Financing Law.  The DFPI reports a nearly 12%...

DFPI Empowered To Stop Actions That Are Not Ongoing

"Eppure non si muove"

A New GC For The DFPI

Last Friday, California Governor Gavin Newsom announced the appointment of Avyark “Avy” Mallik as General Counsel at the California Department of Financial Protection and Innovation.    Most recently, Mr. Mallik served as Director of Fintech Policy...

If Conduct Is Not Continuing, Can It Be Discontinued?

The Commissioner of the Department of Financial Protection & Innovation is vested with broad statutory authority to issue orders directing the discontinuance of violations or that a person "desist and refrain" from specified conduct.  Cal. Corp....

Registered In-House Counsel Is Not An Option For The Government

Last month, Governor Gavin Newsom announced the appointment of a general counsel for the Department of Financial Protection & Innovation.  The appointee, a graduate of Georgetown University Law Center, had previously served as a Senior Attorney for...

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