California 2021-2022 Regular Session Status: To Executive 2 D cosponsors

AB 2269 — Digital financial asset businesses: regulation.

Last action — Vetoed by Governor.

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2021-2022 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, the Money Transmission Act, generally prohibits a person from engaging in the business of money transmission, as defined, without a license from the Commissioner of Financial Protection and Innovation. This bill, the Digital Financial Assets Law, would, on and after January 1, 2025, prohibit 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 the person is licensed with the Department of Financial Protection and Innovation, as prescribed. The bill would define "digital financial asset" 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. This bill would, among other things, authorize the department to conduct examinations of a licensee, as prescribed, and would require 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 posted at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee. This bill would authorize the department to take an enforcement measure against a licensee or person that is not a licensee but is engaging in digital financial asset business activity with, or on behalf of, a resident in any of certain instances, including the licensee or person materially violates the provisions of the bill, a rule adopted or order issued under the bill, or a law of this state other than the bill that applies to digital financial asset business activity of the violator with, or on behalf of, a resident. The bill would prescribe certain civil penalties for violations of its provisions. This bill would require a licensee, before engaging in digital financial asset business activity with a resident, to make certain disclosures to the resident, including a schedule of fees and charges the licensee may assess, the manner by which fees and charges will be calculated if they are not set in advance and disclosed, and the timing of the fees and charges. This bill would require an applicant, before submitting an application, to create and, during licensure, maintain in a record policies and procedures for, among other things, an information security program and an operational security program. Existing law, the California Financial Information Privacy Act (CFIPA) , generally regulates the disclosure by a financial institution, as defined, of a consumer's nonpublic personal information. This bill would include a person licensed under its provisions in the definition of "financial institution" and would include digital financial asset business activity in the definition of "financial product or service" for the purposes of the CFIPA.

Bill Text

Action History

  1. Vetoed by Governor.

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

  3. Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 71. Noes 0.).

  4. From committee: That the Senate amendments be concurred in. (Ayes 10. Noes 0.) (August 30).

  5. Joint Rule 62(a), file notice suspended.

  6. Re-referred to Com. on B. & F. pursuant to Assembly Rule 77.2.

  7. In Assembly. Concurrence in Senate amendments pending.

  8. Read third time. Passed. Ordered to the Assembly. (Ayes 31. Noes 6. Page 5182.).

  9. Read second time. Ordered to third reading.

  10. Read third time and amended. Ordered to second reading.

  11. Read second time. Ordered to third reading.

  12. Read second time and amended. Ordered returned to second reading.

  13. From committee: Amend, and do pass as amended. (Ayes 5. Noes 1.) (August 11).

  14. In committee: Referred to suspense file.

  15. Read second time and amended. Re-referred to Com. on APPR.

  16. From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 1.) (June 28).

  17. Read second time and amended. Re-referred to Com. on JUD.

  18. From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 22).

  19. Re-referred to Coms. on B. & F.I. and JUD.

  20. Re-referred to Com. on RLS.

  21. Withdrawn from committee.

  22. 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.

  23. Referred to Coms. on B. & F.I. and PUB. S.

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

  25. Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 0. Page 4659.)

  26. Read second time. Ordered to Consent Calendar.

  27. From committee: Do pass. To Consent Calendar. (Ayes 14. Noes 0.) (May 4).

  28. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 18). Re-referred to Com. on APPR.

  29. In committee: Set, first hearing. Further hearing to be set.

  30. Referred to Com. on B. & F.

  31. From printer. May be heard in committee March 19.

  32. Read first time. To print.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 3 co-sponsors · 118 not signed on · 3 voted No

Sponsors (1)

Co-sponsors (3)

Not signed on (118)

118 members have not signed on to this bill.

Show all 118 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 2269 Grayson Concurrence in Senate Amendments

Passed 71 Yea · 0 Nay · 9 Other
Party YeaNayPresentNot Voting
Democratic 31001
Republican 6003
Unaffiliated 34005
Total 71009
% of votes cast 89%0%0%11%
How each member voted (80)
Member Party Vote
Waldron — Yea
Daly — Yea
McCarty — Yea
Medina — Yea
Gray — Yea
Cunningham — Yea
Cooper — Yea
Smith — Not Voting
Kiley — Not Voting
Bigelow — Not Voting
Bloom — Yea
Friedman — Yea
Voepel — Yea
Cooley — Yea
Mathis — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Quirk — Yea
Wood — Yea
Mayes — Yea
Nazarian — Yea
Ting — Yea
Low — Yea
Levine — Yea
O'Donnell — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Not Voting
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Not Voting
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Alvarez, David Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Haney, Matt Democratic Yea
Irwin, Jacqui Democratic Not Voting
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
McKinnor, Tina Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Not Voting
Davies, Laurie Republican Yea
Flora, Heath Republican Not Voting
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Seyarto, Kelly Republican Not Voting
Valladares, Suzette Martinez Republican Yea

Official roll call →

With recommendation: That Senate amendments be concurred in.

Passed 10 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democratic 7002
Republican 2000
Unaffiliated 1000
Total 10002
% of votes cast 83%0%0%17%
How each member voted (12)
Member Party Vote
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Not Voting
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Wicks, Buffy Democratic Not Voting
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

3rd Reading AB2269 Grayson et al. By Limón

Passed 31 Yea · 6 Nay · 3 Other
Party YeaNayPresentNot Voting
Democratic 13000
Unaffiliated 17303
Republican 1300
Total 31603
% of votes cast 78%15%0%8%
How each member voted (40)
Member Party Vote
Newman — Yea
Min — Yea
Atkins — Yea
Glazer — Yea
Borgeas — Yea
Roth — Yea
Eggman — Yea
Rubio — Yea
Kamlager — Yea
Gonzalez — Yea
Hueso — Yea
Pan — Yea
Portantino — Yea
Leyva — Yea
Wieckowski — Yea
Skinner — Yea
Dodd — Yea
Wilk — Nay
Nielsen — Nay
Melendez — Nay
Bradford — Not Voting
Bates — Not Voting
Hertzberg — Not Voting
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Nay
Grove, Shannon Republican Nay
Jones, Brian W. Republican Nay
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass as amended

Passed 5 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 2000
Unaffiliated 3001
Republican 0100
Total 5101
% of votes cast 71%14%0%14%
How each member voted (7)
Member Party Vote
Portantino — Yea
Bradford — Yea
Wieckowski — Yea
Bates — Not Voting
Laird, John Democratic Yea
McGuire, Mike Democratic Yea
Jones, Brian W. Republican Nay

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 1000
Unaffiliated 5000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Bradford — Yea
Kamlager — Yea
Bates — Yea
Wieckowski — Yea
Portantino — Yea
Laird, John Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]

Passed 9 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 7000
Republican 0100
Unaffiliated 2001
Total 9101
% of votes cast 82%9%0%9%
How each member voted (11)
Member Party Vote
Borgeas — Not Voting
Hertzberg — Yea
Wieckowski — Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Jones, Brian W. Republican Nay

Official roll call →

Do pass as amended, but first amend, and re-refer to the Committee on [Judiciary]

Passed 6 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 3001
Democratic 3000
Republican 0002
Total 6003
% of votes cast 67%0%0%33%
How each member voted (9)
Member Party Vote
Min — Yea
Portantino — Yea
Bradford — Yea
Hueso — Not Voting
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Limón, Monique Democratic Yea
Dahle, Megan Republican Not Voting
Ochoa Bogh, Rosilicie Republican Not Voting

Official roll call →

AB 2269 Grayson Consent Calendar Second Day

Passed 65 Yea · 0 Nay · 13 Other
Party YeaNayPresentNot Voting
Unaffiliated 35004
Democratic 24006
Republican 6003
Total 650013
% of votes cast 83%0%0%17%
How each member voted (78)
Member Party Vote
Friedman — Yea
Voepel — Yea
Cooley — Yea
Mathis — Yea
Bigelow — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Quirk — Yea
Wood — Yea
Mayes — Yea
Nazarian — Yea
Ting — Yea
Low — Yea
Levine — Yea
O'Donnell — Yea
Waldron — Yea
Daly — Yea
Medina — Yea
McCarty — Yea
Smith — Yea
Cooper — Yea
Gray — Not Voting
Rodriguez — Not Voting
Cunningham — Not Voting
Kiley — Not Voting
Bloom — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Not Voting
Bonta, Mia Democratic Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Not Voting
Haney, Matt Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Not Voting
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Not Voting
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Not Voting
Ward, Christopher M. Democratic Not Voting
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Not Voting
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Not Voting
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Not Voting

Official roll call →

Do pass. To Consent Calendar.

Passed 14 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 5001
Democratic 6001
Republican 3000
Total 14002
% of votes cast 88%0%0%13%
How each member voted (16)
Member Party Vote
Levine — Yea
Holden — Yea
Quirk — Yea
Bigelow — Yea
Eduardo Garcia — Not Voting
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Not Voting
Rivas, Robert Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wilson, Lori D. Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Seyarto, Kelly Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 9000
Republican 2000
Unaffiliated 1000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Wicks, Buffy Democratic Yea
Wilson, Lori D. Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2269 do?
Existing law, the Money Transmission Act, generally prohibits a person from engaging in the business of money transmission, as defined, without a license from the Commissioner of Financial Protection and Innovation. This bill, the Digital Financial Assets Law, would, on and after January 1, 2025, prohibit 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 the person is licensed with the Department of Financial Protection and Innovation, as prescribed. The bill would define "digital financial asset" 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. This bill would, among other things, authorize the department to conduct examinations of a licensee, as prescribed, and would require 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 posted at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee. This bill would authorize the department to take an enforcement measure against a licensee or person that is not a licensee but is engaging in digital financial asset business activity with, or on behalf of, a resident in any of certain instances, including the licensee or person materially violates the provisions of the bill, a rule adopted or order issued under the bill, or a law of this state other than the bill that applies to digital financial asset business activity of the violator with, or on behalf of, a resident. The bill would prescribe certain civil penalties for violations of its provisions. This bill would require a licensee, before engaging in digital financial asset business activity with a resident, to make certain disclosures to the resident, including a schedule of fees and charges the licensee may assess, the manner by which fees and charges will be calculated if they are not set in advance and disclosed, and the timing of the fees and charges. This bill would require an applicant, before submitting an application, to create and, during licensure, maintain in a record policies and procedures for, among other things, an information security program and an operational security program. Existing law, the California Financial Information Privacy Act (CFIPA) , generally regulates the disclosure by a financial institution, as defined, of a consumer's nonpublic personal information. This bill would include a person licensed under its provisions in the definition of "financial institution" and would include digital financial asset business activity in the definition of "financial product or service" for the purposes of the CFIPA.
Who sponsors AB 2269?
AB 2269 is sponsored by Grayson, Timothy S. (Democratic), Quirk, Limón, Monique (Democratic), and Mark Stone.
What is the current status of AB 2269?
This bill died with 2021-2022 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2269?
Track AB 2269 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on AB 2269

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of AB 2269

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →