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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-19</ns0:ActionDate>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member Valencia</ns0:AuthorText>
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<ns0:Name>Valencia</ns0:Name>
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<ns0:Title> An act to amend Section 3201 of the Financial Code, relating to financial regulation.</ns0:Title>
<ns0:RelatingClause>financial regulation</ns0:RelatingClause>
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<ns0:Subject>Digital Financial Assets Law: prohibitions.</ns0:Subject>
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<html:p>The Digital Financial Assets Law, on or after July 1, 2026, prohibits a person from engaging in digital financial asset business activity, as defined, 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 specified conditions is true.</html:p>
<html:p>This bill would make nonsubstantive changes to those provisions.</html:p>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 3201 of the
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is amended to read:
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<html:p>On or after July 1, 2026, a person shall not engage in digital financial asset business activity, or hold itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident, unless any of the following is true:</html:p>
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(a)
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The person is licensed in this state by the department pursuant to Section 3203.
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(b)
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The person submits an application on or before July 1, 2026, and is awaiting approval or denial of
that application.
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(c)
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The person is exempt from licensure under this division pursuant to Section 3103.
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