California has followed New York and signed its very own BitLicense bill for the crypto industry.

Signed by California Gov. Gavin Newsom last week, the Digital Financial Assets Law—which would come into action from July 2025—wants to install a “robust regulatory framework” for the state. 

It’s reminiscent of New York’s 2015 BitLicense bill—which means not all those working in the space are happy. 

When New York dropped its bill back in 2015, it was met with anger from the digital asset industry. Kraken, one of America’s biggest crypto brands, at the time called it “abominable” and was one of many companies—along with Bitfinex and LocalBitcoins—that left the state altogether.

America’s biggest crypto exchange Coinbase also at the time criticized the bill for duplicating federal anti-money laundering (AML) obligations and proposed changes. (This year, it paid a $50 million penalty to regulators for “significant failures in its compliance program.”)

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Author: Mathew Di Salvo

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