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    SB-97
    Consumer Protection

    Digital financial assets: stablecoins.

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

    Key Takeaways

    • Exempts in-game digital currencies from digital financial asset regulations to reduce gaming industry burden.
    • Expands oversight of stablecoins by requiring issuers to meet new security and asset-backing requirements.
    • Grants state regulators new powers to approve and revoke stablecoins based on consumer protection standards.
    • Requires public disclosure of approved stablecoins on the state financial regulator's website.

    Summary

    Senator Grayson's digital financial assets legislation refines California's regulatory approach to stablecoins while exempting in-game digital assets from state oversight. The bill removes digital representations of value used within online games and gaming platforms from the definition of regulated digital financial asset business activities, allowing game developers to operate without meeting digital asset licensing requirements.

    The legislation expands the criteria that the Commissioner of Financial Protection and Innovation must evaluate when approving stablecoins for use in California. These new factors include examination of holder redemption rights, quality of backing assets, collateralization requirements, and technical security measures such as code audits and automated settlement mechanisms. The Commissioner retains authority to impose licensing requirements on stablecoin issuers and may revoke approvals if market conditions change or if issuers engage in misleading marketing practices.

    The Department of Financial Protection and Innovation must publicly disclose approved stablecoins on its website. The changes take effect alongside California's broader digital financial assets regulatory framework, which begins implementation in July 2026.

    Key Dates

    Next Step
    Referred to the Senate Standing Committee on Appropriations
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Senate Judiciary Hearing
    Senate Banking and Financial Institutions Hearing
    Senate Committee
    Senate Banking and Financial Institutions Hearing
    Senate Banking and Financial Institutions Hearing
    Introduced. Read first time. To Com. on RLS. for assignment. To print.
    Senate Floor
    Introduced. Read first time. To Com. on RLS. for assignment. To print.
    Introduced. Read first time. To Com. on RLS. for assignment. To print.

    Contacts

    Profile
    Anna CaballeroD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Megan DahleR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Kelly SeyartoR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Aisha WahabD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 7 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Anna CaballeroD
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Bill Author
    Profile
    Megan DahleR
    Senator
    Committee Member
    Profile
    Kelly SeyartoR
    Senator
    Committee Member
    Profile
    Aisha WahabD
    Senator
    Committee Member
    Profile
    Christopher CabaldonD
    Senator
    Committee Member
    Profile
    Laura RichardsonD
    Senator
    Committee Member

    Get Involved

    Act Now!

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

    Introduced By

    Tim Grayson
    Tim GraysonD
    California State Senator
    10% progression
    Bill has been formally introduced and read for the first time in its house of origin (1/23/2025)

    Latest Voting History

    View History
    April 8, 2025
    PASS
    Senate Committee
    Senate Judiciary Hearing
    AyesNoesNVRTotalResult
    130013PASS

    Key Takeaways

    • Exempts in-game digital currencies from digital financial asset regulations to reduce gaming industry burden.
    • Expands oversight of stablecoins by requiring issuers to meet new security and asset-backing requirements.
    • Grants state regulators new powers to approve and revoke stablecoins based on consumer protection standards.
    • Requires public disclosure of approved stablecoins on the state financial regulator's website.

    Get Involved

    Act Now!

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

    Introduced By

    Tim Grayson
    Tim GraysonD
    California State Senator

    Summary

    Senator Grayson's digital financial assets legislation refines California's regulatory approach to stablecoins while exempting in-game digital assets from state oversight. The bill removes digital representations of value used within online games and gaming platforms from the definition of regulated digital financial asset business activities, allowing game developers to operate without meeting digital asset licensing requirements.

    The legislation expands the criteria that the Commissioner of Financial Protection and Innovation must evaluate when approving stablecoins for use in California. These new factors include examination of holder redemption rights, quality of backing assets, collateralization requirements, and technical security measures such as code audits and automated settlement mechanisms. The Commissioner retains authority to impose licensing requirements on stablecoin issuers and may revoke approvals if market conditions change or if issuers engage in misleading marketing practices.

    The Department of Financial Protection and Innovation must publicly disclose approved stablecoins on its website. The changes take effect alongside California's broader digital financial assets regulatory framework, which begins implementation in July 2026.

    10% progression
    Bill has been formally introduced and read for the first time in its house of origin (1/23/2025)

    Key Dates

    Next Step
    Referred to the Senate Standing Committee on Appropriations
    Next Step
    Senate Committee
    Referred to the Senate Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Senate Judiciary Hearing
    Senate Banking and Financial Institutions Hearing
    Senate Committee
    Senate Banking and Financial Institutions Hearing
    Senate Banking and Financial Institutions Hearing
    Introduced. Read first time. To Com. on RLS. for assignment. To print.
    Senate Floor
    Introduced. Read first time. To Com. on RLS. for assignment. To print.
    Introduced. Read first time. To Com. on RLS. for assignment. To print.

    Latest Voting History

    View History
    April 8, 2025
    PASS
    Senate Committee
    Senate Judiciary Hearing
    AyesNoesNVRTotalResult
    130013PASS

    Contacts

    Profile
    Anna CaballeroD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Tim GraysonD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Megan DahleR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Kelly SeyartoR
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Aisha WahabD
    Senator
    Committee Member
    Not Contacted
    Not Contacted
    0 of 7 row(s) selected.
    Page 1 of 2
    Select All Legislators
    Profile
    Anna CaballeroD
    Senator
    Committee Member
    Profile
    Tim GraysonD
    Senator
    Bill Author
    Profile
    Megan DahleR
    Senator
    Committee Member
    Profile
    Kelly SeyartoR
    Senator
    Committee Member
    Profile
    Aisha WahabD
    Senator
    Committee Member
    Profile
    Christopher CabaldonD
    Senator
    Committee Member
    Profile
    Laura RichardsonD
    Senator
    Committee Member