DFPI Seeks Comments on Oversight of Financial Products and Services Related to Crypto Assets

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On June 1, the California Department of Financial Protection and Innovation (DFPI) Published a request for public comments stakeholders on the development of guidance on the oversight of financial products and services related to crypto assets. DFPI will proceed with rule making under the authority of the California Consumer Financial Protection Act (CCFPL). The request is in line with an executive order issued by the governor of California last month, which called on the state to create a transparent and consistent framework for companies operating in blockchain, cryptocurrency and related fintech. (Covered by InfoBytes here.) DFPI’s request outlines various topics and issues regarding regulatory priorities, CCFPL regulation and oversight, and marketing oversight functions, but notes that stakeholders “may comment on any potential areas of rulemaking regarding financial products and services related to crypto assets”, including under other laws administered or enforced by DFPI such as the Corporate Securities Act, Escrow Act, California Finance Act or the money transfer law. The deadline for submitting comments is August 5.

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