AB 1934

  • California Assembly Bill
  • 2023-2024 Regular Session
  • Introduced in Assembly
  • Passed Assembly Apr 18, 2024
  • Passed Senate Aug 12, 2024
  • Signed by Governor Sep 29, 2024

Digital financial asset businesses.

Abstract

Existing law, the Digital Financial Assets Law, prohibits, on or after July 1, 2025, a person from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with, or on behalf of, a resident, unless any of certain criteria are met, including that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2025, and is awaiting approval or denial of that application. Existing law defines "digital financial asset" for these purposes to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, except as specified. Existing law also defines "covered person" to mean a person required to obtain a license under these provisions. This bill would extend the July 1, 2025, dates to July 1, 2026. Existing law requires a licensee to maintain, for all digital financial asset business activity with, or on behalf of, a resident for 5 years after the date of the activity, certain records, including a general ledger maintained at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee. This bill would require a licensee to also maintain, if applicable, a report maintained at least monthly that demonstrates compliance with conditions that authorize the licensee to exchange, transfer, or store a digital financial asset or engage in digital financial asset administration, as specified. Existing law requires, on or after July 1, 2025, a covered person to make certain disclosures for the protection of residents, as prescribed, and to maintain in its control an amount of each type of digital financial asset sufficient to satisfy the aggregate entitlements of the persons to the type of digital financial asset, as prescribed. This bill would extend the July 1, 2025, date to July 1, 2026. Existing law generally regulates, on or after July 1, 2025, the provision of stablecoins, as prescribed, including by prohibiting a covered person from exchanging, transferring, or storing a digital financial asset that is a stablecoin or engaging in digital financial asset administration of a stablecoin, as specified, unless certain conditions are met. This bill would extend the July 1, 2025, date to July 1, 2026, and would specify that a covered person may exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, as specified, if the stablecoin is approved by the commissioner and complies with certain requirements, restrictions, or prohibitions established by the commissioner. Existing law requires, on or after July 1, 2025, an operator of a digital financial asset transaction kiosk that does not itself engage in digital financial asset business activity to ensure that the person engaging in digital financial asset business activity via the digital financial asset transaction kiosk has a license pursuant to these provisions. This bill would extend the July 1, 2025, date to July 1, 2026.

Bill Sponsors (1)

Votes


Actions


Sep 29, 2024

California State Legislature

Approved by the Governor.

California State Legislature

Chaptered by Secretary of State - Chapter 945, Statutes of 2024.

Aug 23, 2024

California State Legislature

Enrolled and presented to the Governor at 4 p.m.

Aug 15, 2024

Assembly

Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 75. Noes 0. Page 6317.).

Aug 12, 2024

Assembly

In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 14 pursuant to Assembly Rule 77.

Senate

Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 5043.).

Aug 06, 2024

Senate

Read second time. Ordered to Consent Calendar.

Aug 05, 2024

Senate

From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.

Jul 03, 2024

Senate

From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (July 2). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Jun 20, 2024

Senate

From committee: Do pass and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 19). Re-referred to Com. on JUD.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on JUD.

May 23, 2024

Senate

From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.

  • Amendment-Introduction
  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on B. & F.I.

May 01, 2024

Senate

Referred to Coms. on B. & F.I. and JUD.

  • Referral-Committee
Coms. on B. & F.I. and JUD.

Apr 18, 2024

Senate

In Senate. Read first time. To Com. on RLS. for assignment.

Assembly

Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 0.)

Apr 11, 2024

Assembly

Read second time. Ordered to Consent Calendar.

Apr 10, 2024

Assembly

From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (April 10).

Apr 02, 2024

Assembly

From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 8. Noes 0.) (April 1). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Feb 05, 2024

Assembly

Referred to Com. on B. & F.

  • Referral-Committee
Com. on B. & F.

Jan 26, 2024

Assembly

From printer. May be heard in committee February 25.

Jan 25, 2024

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB1934 HTML
01/25/24 - Introduced PDF
05/23/24 - Amended Senate PDF
08/19/24 - Enrolled PDF
09/29/24 - Chaptered PDF

Related Documents

Document Format
03/28/24- Assembly Banking and Finance PDF
04/08/24- Assembly Appropriations PDF
06/17/24- Senate Banking and Financial Institutions PDF
06/28/24- Senate Judiciary PDF
08/07/24- Sen. Floor Analyses PDF
08/14/24- ASSEMBLY FLOOR ANALYSIS PDF

Sources

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