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Sen. Grayson’s SB 97 makes technical updates to the state’s digital financial assets law; subcommittee advances bill
Summary
SB 97 would make clarifying edits and technical updates to California’s 2023 digital financial assets licensing law; the hearing recorded no opposition and the subcommittee recommended referral to Appropriations, 13-0.
Senator Grayson presented SB 97, a technical and clarifying package of amendments to California’s digital financial assets licensing law enacted in 2023.
Grayson said the state Department of Financial Protection and Innovation (DFPI) is implementing the licensing program, which takes effect July 1, 2026, and that SB 97 incorporates consensus changes identified by industry, DFPI and consumer groups. He said the measure would preserve the state program’s ability to conform to future federal action if Congress enacts legislation that affects the field.
A representative of Andreessen Horowitz (via Axiom Advisors) spoke in support and described ongoing drafting efforts to exclude nonfinancial blockchain‑based applications from the licensing scope. No opponents spoke in the hearing.
The subcommittee recommended SB 97 to the Assembly Appropriations Committee with a due-pass recommendation; the roll-call reflected unanimous support in committee at the time the item was taken up.
