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Subcommittee moves technical updates to California digital financial‑assets law to Appropriations
Summary
Senator Grayson’s SB 97 proposes technical clarifications to the state’s digital financial assets licensing law to align state and potential future federal changes; the subcommittee voted to send the bill to Appropriations.
Senator Grayson briefed the subcommittee on SB 97, a set of updates and clarifications to California’s 2023 digital financial‑assets law that will govern the state’s licensing program administered by the Department of Financial Protection and Innovation (DFPI).
Grayson said the DFPI is preparing to implement the licensing law, which goes into effect July 1, 2026, and that SB 97 contains consensus changes developed with industry stakeholders, consumer advocates and DFPI staff. The author said the bill aims to refine definitions, exclude nonfinancial blockchain‑based items from the licensing regime and to preserve alignment with any future federal legislation.
A representative for Andreessen Horowitz (Axiom Advisors) thanked staff for ongoing negotiations and emphasized the goal of keeping blockchain nonfinancial uses out of the licensing scope. No opposition was registered at the hearing; several committee members expressed support and noted the bill’s technical nature.
The subcommittee approved a motion to refer SB 97 to the Appropriations Committee; the recorded vote was 13–0 in favor of due‑pass to Appropriations.
