california

According to Decrypt, the California Department of Financial Protection and Innovation (DFPI) has released an implementation update for the Digital Financial Assets Law (DFAL), which clearly requires all individuals or companies providing cryptocurrency-related services to California residents to hold a DFAL license, submit a license application, or meet exemption criteria by July 1, 2026, or face enforcement actions.The DFAL was signed into effect by California Governor Gavin Newsom in October 2023, establishing a statewide licensing and regulatory framework for cryptocurrency assets, covering various digital asset services and cryptocurrency ATM terminals. This system is widely compared to New York's BitLicense introduced in 2015.According to the schedule, DFAL license applications will open on March 9, 2026, through the Nationwide Multistate Licensing System (NMLS). Regulators recommend that businesses review the checklist in advance and participate in the industry training on March 23.California accounts for about a quarter of all blockchain companies in the United States. Joe Ciccolo, Executive Director of the California Blockchain Advocacy Coalition (CBAC), stated that since California is the fourth-largest economy in the world, its regulatory path may drive companies to unify compliance standards nationwide. "Clear and predictable rules help attract serious operators and institutional capital," but he also warned that if enforcement is too aggressive or disconnected from industry realities, some companies may choose to exit the California market or move overseas.

According to market news, the California Public Employees' Retirement Fund increased its holdings in Bitcoin treasury company Strategy (stock code: MSTR) by 22,475 shares, bringing its total holdings to 470,632 shares, valued at approximately $59 million.The retirement fund manages assets of approximately $611 billion.

According to Cointelegraph, Grow California, co-founded by Ripple co-founder Chris Larsen and Bitcoin supporter and venture capitalist Tim Draper, has disclosed that it has received approximately $40 million in donation commitments for an independent expenditure committee and related nonprofit entities to combat California's wealth tax and union power. Chris Larsen is expected to contribute up to $30 million of his own funds over multiple election cycles.Industry observers note that crypto-backed political action committees (PACs) are gearing up for the 2026 U.S. midterm elections to expand the industry's influence. Fairshake disclosed on Wednesday that its cash reserves have reached $193 million, funded by crypto institutions such as Ripple Labs, Andreessen Horowitz, and Coinbase.

According to Cointelegraph, cryptocurrency lending company Nexo Capital will pay a $500,000 fine to the California Department of Financial Protection and Innovation. The regulator accused the company of issuing thousands of loans to California residents without holding a valid license and failing to properly assess borrowers' ability to repay.The regulator stated that from July 2018 to November 2022, Nexo issued at least 5,456 consumer and business loans to California residents without a valid loan license, and typically did not assess borrowers' repayment ability, existing debts, or credit history before lending. Nexo must transfer all funds of California customers to its U.S. affiliate Nexo Financial LLC, which holds a California loan license, within 150 days.

The proposed "Billionaire Tax Bill" in California has sparked strong opposition from several figures in the cryptocurrency industry. The proposal aims to impose a 5% wealth tax on individuals with a net worth exceeding $1 billion, to fund the healthcare system and state aid programs. Industry insiders believe that this policy could lead to an outflow of entrepreneurs and capital, negatively impacting the local innovation ecosystem.Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell pointed out that the wealth tax is partially based on unrealized gains, which may force taxpayers to sell shares or business assets to raise funds. Powell stated on the X platform that this measure could become the "last straw" that drives billionaires out of California, with related spending, jobs, and charitable activities potentially shifting elsewhere.Nic Carter, founding partner of Castle Island Ventures, and Jeff Park, Chief Investment Officer of ProCap BTC, also believe that in a context of highly mobile capital, a one-time wealth tax could signal the market for future further taxation. Meanwhile, Fredrik Haga, co-founder of Dune, cited Norway as an example, stating that similar tax systems have led to the migration of high-net-worth individuals, with actual tax revenue outcomes falling short of expectations.Supporters of the proposal include Ro Khanna, a representative from California's 17th congressional district, who believes that the tax revenue will be used to improve childcare, housing, and educational conditions, thereby benefiting innovation in the U.S. However, opponents have pointed out that California's audit reports have revealed issues with the efficiency of public fund usage, questioning whether the new tax revenue can truly be used for its intended purposes.

The U.S. Department of Justice announced today that 22-year-old California man Evan Tangeman has pleaded guilty to money laundering for a cryptocurrency fraud ring involving $263 million. He laundered over $3.5 million for the fraud group. The Department of Justice stated that Tangeman is the ninth defendant to plead guilty in this investigation.The organization carried out fraudulent activities from October 2023 to May 2025. They stole approximately 4,100 bitcoins, worth $263 million at the time, which is about $371 million at current prices. The group consisted of hackers, organizers, target identifiers, phone scammers, and burglars specialized in stealing hardware wallets, using stolen databases to select targets. Hackers breached websites and servers to obtain cryptocurrency-related databases, while target identifiers used this data to filter the most valuable victims.

According to Fox, California Democratic Congressman Ro Khanna has proposed and is pushing a resolution that supports House legislation to prohibit the President, Vice President, members of Congress, candidates for public office, public officials, senior executive branch employees, and special government employees, as well as their immediate family members, from issuing, sponsoring, or endorsing digital assets (including cryptocurrencies, meme coins, stablecoins, tokens, NFTs, digital trading cards, and DeFi platforms).The resolution also advocates for requiring elected officials, candidates, and their immediate family members to transfer their digital assets into a blind trust that cannot be accessed during the politician's campaign, term, and for two years after leaving office. The resolution further supports requiring politicians, candidates, and their families to "fully and promptly disclose all cryptocurrency transactions."Fox reports that, due to the Republican majority in the House, the resolution is unlikely to pass. Furthermore, even if the resolution passes, it would need to go through the legislative process to be incorporated into law.

California regulators have fined Bitcoin ATM operator Coinhub $675,000 for violating digital asset laws. The fine includes $105,000 in restitution to California consumers who were charged fees and surcharges exceeding the allowed maximum when using cryptocurrency ATMs.

ChainCatcher news, California Governor Gavin Newsom has signed SB 822, making California the first state to explicitly protect unclaimed cryptocurrency from forced liquidation.The bill requires digital assets to be held in their native form, rather than being converted to cash before being turned over to the state. Under the new regulations, asset holders must notify asset owners 6 to 12 months prior to the transfer, and within 30 days after the final reporting date, transfer the asset type, private keys, and quantities to a cryptocurrency custodian designated by the state controller. The state controller may convert unclaimed cryptocurrency to fiat currency 18 to 20 months after filing, allowing eligible applicants to reclaim the original assets or the proceeds from the sale.

ChainCatcher news, according to PRNewswire, the cryptocurrency trading platform Bullish announced that after obtaining the BitLicense issued by the New York State Department of Financial Services (NYDFS), the company's services are now live in 20 U.S. states, including Washington D.C., Arizona, Arkansas, California, Colorado, Delaware, and more.In addition, Bullish also disclosed that its platform has surpassed a cumulative trading volume of over $1.5 trillion since 2021.

ChainCatcher news, according to Decrypt, American Democrat and former California Assembly Majority Leader Ian Calderon announced his candidacy for California governor, promising to place Bitcoin at the core of state policy.On Tuesday, he stated on Twitter that California is a leader in technology and should return to its roots to become a leader in the Bitcoin space. Calderon is a staunch supporter of digital assets, and earlier that day he confirmed in a live stream that if elected, he would ensure the state’s balance sheet holds Bitcoin and support state projects using cryptocurrency for payments.In another video, he compared the current situation, stating that the younger generation uses new methods for payments, transfers, and savings, while policymakers are trying to solve new problems with old ideas, which is ineffective. During Calderon's campaign, California is weighing progressive cryptocurrency legislation through two bills, AB 1180 and AB 1052, but neither authorizes California to directly purchase Bitcoin, which is a clear distinction from Calderon's proposal.

ChainCatcher News, the U.S. Department of Justice announced that a resident of La Puente, California, was sentenced to 51 months in prison for participating in a global cryptocurrency scam that laundered $37 million and must pay restitution of $26.9 million.He and his accomplices used a Bahamian company, Axis Digital, to receive funds, transferring victim funds into a Deltec Bank account before converting them to USDT and sending them to a scam wallet. This case is part of the Department of Justice's ongoing efforts to combat transnational "pig butchering" cryptocurrency scams and money laundering networks.

ChainCatcher news, according to Decrypt, California Governor Gavin Newsom has announced in his latest satirical move that he will launch his own meme coin "Trump Corruption Coin" in response to Trump's earlier release of "Trump Coin" (Official Trump).Previously, he revealed that the token would be used to fund his democratic campaign and redistricting efforts, with proceeds going to support grassroots organizing. Newsom mentioned in a podcast that he would challenge Trump's cryptocurrency project by issuing a meme coin and stated that "Trump Corruption Coin" might perform better than Trump's coin.

ChainCatcher news, according to Daily Hodl, California resident Abraham Park has been sentenced to nearly four years in prison for participating in a Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) fraud scheme. The U.S. Department of Justice stated that Park submitted over 120 fraudulent SBA EIDL applications totaling $12 million between 2020 and 2022.Park is the owner and CEO of a California financial services company that helps clients obtain financing, loans, and repair credit scores. After the outbreak of the COVID-19 pandemic, Park advised clients to create fictitious corporate entities so that he could submit fraudulent EIDL loan applications to the SBA on their behalf. In return, his clients would pay Park a portion of the loans that were disbursed as kickbacks.Park successfully collected 73 fraudulent loans, stealing nearly $7 million from the disaster relief program.

ChainCatcher news, according to FOX Business reporter Eleanor Terrett, California Governor Gavin Newsom announced the launch of the "California Breakthrough Project" and invited senior leaders from tech and crypto companies such as Ripple, Coinbase, and MoonPay to participate, aiming to provide advice and support for improving the efficiency of the California government and interdepartmental collaboration.The project working group held its first meeting on June 6 at Ripple's headquarters in San Francisco, with other participants including executives from Instacart, Snapchat, Anduril Technologies, as well as renowned angel investor Ron Conway.

ChainCatcher news, OpenAI has requested California's political finance regulators to investigate a nonprofit organization that challenges its billion-dollar business plan, accusing it of violating state lobbying laws, and once again raising questions about the organization's relationship with Musk.The complaint submitted to the California Fair Political Practices Commission (FPPC) alleges that the "Coalition for AI Nonprofit Integrity" may have fabricated the identity of its leaders and failed to report lobbying expenditures related to a now-weakened state bill that could prevent the ChatGPT maker from transitioning into a for-profit entity. This is the latest escalation of OpenAI's pressure on the organization.Meanwhile, OpenAI is also engaged in a legal battle with Musk. Musk, who was a business partner of OpenAI, opposes the company's restructuring plan for funding, believing it deviates from its original nonprofit mission of "serving the public good." CANI spokesperson Becky Warren stated in an email that her organization had not received the complaint as of Thursday. (Jinshi)

ChainCatcher news, according to Cointelegraph, Seattle-based cryptocurrency ATM operator Coinme has agreed to pay a $300,000 fine for violating California's daily transaction limits for cryptocurrency ATMs.According to the California Department of Financial Protection and Innovation (DFPI), California law sets a daily transaction limit of $1,000 per customer for cryptocurrency ATMs. Coinme not only violated this regulation but also failed to include the necessary disclosure information on customer receipts at its self-service terminals located in grocery stores and convenience stores throughout California. Under the settlement agreement, Coinme has agreed to pay the fine, which includes $51,700 in restitution to a California senior resident who claimed to have been scammed.DFPI Commissioner KC Mohseni stated that this enforcement action should send a "strong message" to cryptocurrency kiosk operators, indicating that the state is "serious" about requiring digital asset companies to comply with rules designed to prevent scammers from exploiting unsuspecting Californians.

ChainCatcher news, according to The Hill: Former U.S. Vice President Harris is considering running for Governor of California, but has not yet made a final decision and is still weighing all options. (Jin Ten)

ChainCatcher news, according to Jin Shi reports, California Governor Gavin Newsom stated that the Trump administration's focus is not on undocumented immigrants and criminals, but on mass deportation. Newsom said on Tuesday that the Trump administration "indiscriminately targets hardworking immigrant families, regardless of their background or risk."

ChainCatcher News, California Governor Newsom stated on social media that Trump incited incidents and illegally took action to federalize the National Guard. The order he signed not only applies to California, which will allow him to enter any state and do the same thing. We will sue the Trump administration over the deployment of the National Guard.