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    AB-236
    Consumer Protection

    Digital financial asset businesses: regulatory fees.

    Introduced
    CA
    ∙
    2025-2026 Regular Session
    1
    0
    Track
    Track

    Key Takeaways

    • Caps the application fee for digital financial asset business licenses at $5,000 to make licensing more accessible for cryptocurrency and digital asset companies.
    • Requires digital asset businesses to obtain a license from the Department of Financial Protection and Innovation before operating in California after July 1, 2026.
    • Maintains comprehensive application requirements including business history, criminal records, financial statements, and operational plans.

    Summary

    Assembly Member Chen's proposal to cap digital financial asset business license application fees at $5,000 modifies California's existing regulatory framework for cryptocurrency and digital asset companies. The measure amends the Digital Financial Assets Law, which requires businesses engaging in digital asset activities to obtain licensing from the Department of Financial Protection and Innovation (DFPI) by July 2026.

    The bill maintains the comprehensive application requirements that prospective licensees must meet, including detailed business plans, criminal history disclosures, financial statements, and operational documentation. However, it constrains DFPI's current authority to set application fees based on review costs by establishing a fixed maximum amount. The department retains the ability to charge applicants for additional investigation expenses beyond the initial application review.

    This change affects entities planning to conduct digital financial asset business activities in California, including cryptocurrency exchanges, digital wallet providers, and other virtual currency services. The existing law's core provisions remain in place, requiring companies to demonstrate sound financial condition, business competence, and compliance capabilities through the application process while ensuring submitted information remains protected under state confidentiality rules.

    Key Dates

    Next Step
    Referred to the Assembly Standing Committee on Appropriations
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass and be re-referred to the Committee on [Appropriations]
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Contacts

    Profile
    Phillip ChenR
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 16 row(s) selected.
    Page 1 of 4
    Select All Legislators
    Profile
    Phillip ChenR
    Assemblymember
    Bill Author
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Gregg HartD
    Assemblymember
    Committee Member
    Profile
    Blanca PachecoD
    Assemblymember
    Committee Member
    Profile
    Gail PellerinD
    Assemblymember
    Committee Member
    Profile
    Kate SanchezR
    Assemblymember
    Committee Member
    Profile
    Tri TaR
    Assemblymember
    Committee Member
    Profile
    Jessica CalozaD
    Assemblymember
    Committee Member
    Profile
    Mark GonzalezD
    Assemblymember
    Committee Member
    Profile
    Heather HadwickR
    Assemblymember
    Committee Member
    Profile
    Jose SolacheD
    Assemblymember
    Committee Member
    Profile
    Sade ElhawaryD
    Assemblymember
    Committee Member

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Phillip Chen
    Phillip ChenR
    California State Assembly Member
    10% progression
    Bill has been formally introduced and read for the first time in its house of origin (1/13/2025)

    Latest Voting History

    View History
    March 3, 2025
    PASS
    Assembly Committee
    Assembly Banking And Finance Hearing
    AyesNoesNVRTotalResult
    8019PASS

    Key Takeaways

    • Caps the application fee for digital financial asset business licenses at $5,000 to make licensing more accessible for cryptocurrency and digital asset companies.
    • Requires digital asset businesses to obtain a license from the Department of Financial Protection and Innovation before operating in California after July 1, 2026.
    • Maintains comprehensive application requirements including business history, criminal records, financial statements, and operational plans.

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Phillip Chen
    Phillip ChenR
    California State Assembly Member

    Summary

    Assembly Member Chen's proposal to cap digital financial asset business license application fees at $5,000 modifies California's existing regulatory framework for cryptocurrency and digital asset companies. The measure amends the Digital Financial Assets Law, which requires businesses engaging in digital asset activities to obtain licensing from the Department of Financial Protection and Innovation (DFPI) by July 2026.

    The bill maintains the comprehensive application requirements that prospective licensees must meet, including detailed business plans, criminal history disclosures, financial statements, and operational documentation. However, it constrains DFPI's current authority to set application fees based on review costs by establishing a fixed maximum amount. The department retains the ability to charge applicants for additional investigation expenses beyond the initial application review.

    This change affects entities planning to conduct digital financial asset business activities in California, including cryptocurrency exchanges, digital wallet providers, and other virtual currency services. The existing law's core provisions remain in place, requiring companies to demonstrate sound financial condition, business competence, and compliance capabilities through the application process while ensuring submitted information remains protected under state confidentiality rules.

    10% progression
    Bill has been formally introduced and read for the first time in its house of origin (1/13/2025)

    Key Dates

    Next Step
    Referred to the Assembly Standing Committee on Appropriations
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Assembly Banking And Finance Hearing
    Assembly Committee
    Assembly Banking And Finance Hearing
    Do pass and be re-referred to the Committee on [Appropriations]
    Introduced
    Assembly Floor
    Introduced
    Read first time. To print.

    Latest Voting History

    View History
    March 3, 2025
    PASS
    Assembly Committee
    Assembly Banking And Finance Hearing
    AyesNoesNVRTotalResult
    8019PASS

    Contacts

    Profile
    Phillip ChenR
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 16 row(s) selected.
    Page 1 of 4
    Select All Legislators
    Profile
    Phillip ChenR
    Assemblymember
    Bill Author
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Gregg HartD
    Assemblymember
    Committee Member
    Profile
    Blanca PachecoD
    Assemblymember
    Committee Member
    Profile
    Gail PellerinD
    Assemblymember
    Committee Member
    Profile
    Kate SanchezR
    Assemblymember
    Committee Member
    Profile
    Tri TaR
    Assemblymember
    Committee Member
    Profile
    Jessica CalozaD
    Assemblymember
    Committee Member
    Profile
    Mark GonzalezD
    Assemblymember
    Committee Member
    Profile
    Heather HadwickR
    Assemblymember
    Committee Member
    Profile
    Jose SolacheD
    Assemblymember
    Committee Member
    Profile
    Sade ElhawaryD
    Assemblymember
    Committee Member