California Bill Would Require Licensing Of Commercial Financing Providers

Last week, Senator Steven M. Glazer introduced a bill, SB 1482, that would require licensing of "commercial financing providers" and "commercial financing brokers" with the Department of Financial Protection & Innovation under the California...

It's Lupercalia! CFL Annual Reports Are Due In 30 Days

Each year, licensees under the California Financing Law (Cal. Fin. Code § 22000 et seq.) must file an annual report with the Department of Financial Protection & Innovation. The report is due on the Ides of March (the Ides of March). The DFPI uses...

DFPI Invites Comments On DFAL Rulemaking

In October, I reported on the Governor's signing of AB 39 which creates the Digital Financial Assets Law.   On or after July 1, 2025, the DFAL will prohibit a person from engaging in digital financial asset business activity without a license from...

After Vetoing Earlier Bill, Governor Signs Digital Financial Asset Bill

A year ago, Governor Newsom vetoed a bill, AB 2269, which would have established a Digital Financial Assets Law.  At the time, the Governor claimed that it was "premature to lock a licensing structure in statute". What a difference a 12 months make....

DFPI Posts Annual B-D/IA Report To The Legislature

The California Department of Financial Protection & Innovation recently posted its 2023 Annual Report to the Legislature regarding its broker-dealer and investment adviser programs. The report's title is a bit of a misnomer as most of the data in...

Bill Would Authorize DFPI To Take Enforcement Actions Before A Violation Occurs

In February, I wrote that Assembly Member Timothy S. Grayson was taking another run at enacting a Digital Financial Asset Law.  His bill, AB 39, has steadily progressed and is now pending in the Senate.  According to the bill's digest, the bill will "...

DFPI Goes Multimedia In Recent Crypto Enforcement Actions

Early this week, the California Department of Financial Protection and Innovation issued desist and refrain orders alleging violations by the following individual and entities:

They Claim To Be From The Government, But They Are Definitely Not Here To Help

It seems as if using the Internet has become as dangerous as walking alone down a dark alley in a crime infested area of the city. Today, the California Department of Financial Protection & Innovation issued the following warning about yet another...

SEC Files Desist & Refrain Order Against Coinbase Alleging Failure To Qualify Staking Rewards Program

Yesterday, the California Department of Financial Protection & Innovation announced that it had issued a desist and refrain order against Coinbase, Inc. The order alleges that Coinbase's staking rewards program involved the the offer and sale of...

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