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Committee advances Chen bill to reduce digital-asset license application fee at DFPI
Summary
AB 236, introduced by Vice Chair Chen, would reduce an anticipated high application fee tied to digital financial asset licenses under the Department of Financial Protection and Innovation (DFPI). The Assembly committee voted to refer the measure to Appropriations.
The Assembly Banking and Finance Committee voted to do pass AB 236 (Chen) and referred the bill to the Committee on Appropriations on a recorded 8-0 vote.
Vice Chair Chen presented AB 236, saying that the digital financial asset law taking effect July 2026 will require firms engaged in digital financial business activities to obtain a DFPI license. Chen said the department’s proposed application fee was anticipated to be around $20,000 — "four times higher than the next closest application fee" — and that AB 236 would lower the application fee to encourage small and medium-sized digital asset firms to remain and operate in California.
Committee members praised the bill’s intent to keep California competitive for fintech while ensuring appropriate regulation. There were no witnesses registered in opposition at the hearing; the author asked for the committee’s support.
Assemblymember Dixon moved the bill; Assemblymember Blanca Rubio seconded. The clerk recorded the roll call with eight yes votes: Valencia — aye; Chen — aye; Dixon — aye; Fong — aye; Krell — aye; Michelle Rodriguez — aye; Blanca Rubio — aye; Soria — aye. The measure was referred to the Appropriations Committee for fiscal review.
