CA AB 2285
Status unknownDigital Financial Asset Banking Act.
California · 2025-2026 Regular Session · lower
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Quick answers
Did CA AB 2285 pass?
The current status of CA AB 2285 is not known from the official record. Latest recorded action (2026-06-29): In committee: Set, first hearing. Hearing canceled at the request of author.
What is CA AB 2285 about?
The Digital Financial Assets Law, on or after July 1, 2026, prohibits a person from engaging in digital financial asset business activity or holding itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of specified conditions is true. The law defines "digital financial asset" to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender and defines "digital financial asset business activity" to mean, among other similar things, exchanging, transferring, or storing a digital financial asset or engaging in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor. This bill, the Digital Financial Asset Banking Act, would generally regulate a bank or a credit union under the examination authority of the Department of Financial Protection and Innovation with respect to its provision of digital asset custody services, staking services, and digital asset transaction services, as those terms are defined, including by requiring certain disclosures to costumers and requiring certain financial safety measures. The bill would require a financial institution engaged in digital financial asset custody services to conduct an annual audit of its custodial activities and holdings that is either an independent audit or a review by the financial institution's board of directors for accuracy and signed be each board member under penalty of perjury. By expanding the scope of the crime of perjury, this bill would impose a state-mandated local program. This bill would authorize the department to enforce its provisions with administrative and civil remedies, as specified. The Corporate Securities Law of 1968 generally regulates the offering and selling in this state of a security, as defined. This bill would define "security" to not include a staking reward, as defined. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Who sponsors CA AB 2285?
Valencia is the primary sponsor of CA AB 2285.
Description
The Digital Financial Assets Law, on or after July 1, 2026, prohibits a person from engaging in digital financial asset business activity or holding itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of specified conditions is true. The law defines "digital financial asset" to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender and defines "digital financial asset business activity" to mean, among other similar things, exchanging, transferring, or storing a digital financial asset or engaging in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor. This bill, the Digital Financial Asset Banking Act, would generally regulate a bank or a credit union under the examination authority of the Department of Financial Protection and Innovation with respect to its provision of digital asset custody services, staking services, and digital asset transaction services, as those terms are defined, including by requiring certain disclosures to costumers and requiring certain financial safety measures. The bill would require a financial institution engaged in digital financial asset custody services to conduct an annual audit of its custodial activities and holdings that is either an independent audit or a review by the financial institution's board of directors for accuracy and signed be each board member under penalty of perjury. By expanding the scope of the crime of perjury, this bill would impose a state-mandated local program. This bill would authorize the department to enforce its provisions with administrative and civil remedies, as specified. The Corporate Securities Law of 1968 generally regulates the offering and selling in this state of a security, as defined. This bill would define "security" to not include a staking reward, as defined. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
- Introduced
- 2026-03-16
- Latest action
- 2026-06-29 — In committee: Set, first hearing. Hearing canceled at the request of author.
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Valenciaauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-06-29
In committee: Set, first hearing. Hearing canceled at the request of author.
2026-06-24
Referred to Coms. on JUD. and B. & F.I.
referral-committee
2026-06-18
In Senate. Read first time. To Com. on RLS. for assignment.
reading-1,referral-committee
2026-06-18
Read third time. Passed. Ordered to the Senate. (Ayes 49. Noes 1. Page 5760.)
passage,reading-1,reading-3
2026-06-11
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2026-06-10
Read second time and amended. Ordered returned to second reading.
amendment-passage,reading-1,reading-2
2026-06-09
From committee: Amend, and do pass as amended. (Ayes 7. Noes 1.) (June 8).
amendment-introduction,amendment-passage,committee-passage
2026-06-04
Re-referred to Com. on B. & F.
referral-committee
2026-06-03
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
amendment-introduction,amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-05-28
In committee: Hearing postponed by committee.
2026-05-26
Re-referred to Com. on B. & F. pursuant to Assembly Rule 77.2.
referral-committee
2026-05-26
Joint Rule 62(a), file notice suspended.
2026-05-26
Joint Rule 62(a), file notice suspended. (Page 5343.)
2026-05-22
Read third time and amended. Ordered to third reading. (Page 5273.)
amendment-passage,reading-1,reading-3
2026-05-18
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2026-05-14
From committee: Do pass. (Ayes 15. Noes 0.) (May 14).
committee-passage,committee-passage-favorable
2026-05-06
In committee: Set, first hearing. Referred to APPR. suspense file.
referral-committee
2026-04-22
From committee: Do pass and re-refer to Com. on APPR. (Ayes 15. Noes 0.) (April 21). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2026-04-21
From committee: Do pass and re-refer to Com. on P. & C.P. (Ayes 9. Noes 0.) (April 20). Re-referred to Com. on P. & C.P.
committee-passage,committee-passage-favorable,referral-committee
2026-04-20
Joint Rule 62(a), file notice suspended. (Ayes 54. Noes 16. Page 4716.)
2026-04-16
(Pending re-refer to Com. on P. & C.P.)
referral-committee
2026-04-16
Assembly Rule 56 suspended. (Page 4663.)
2026-03-17
Re-referred to Com. on B. & F.
referral-committee
2026-03-16
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
amendment-introduction,amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2026-03-16
Referred to Coms. on B. & F. and P. & C.P.
referral-committee
2026-02-20
From printer. May be heard in committee March 22.
2026-02-19
Read first time. To print.
reading-1
Versions
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Votes
Do pass and be re-referred to the Committee on [Privacy and Consumer Protection]
2026-04-20 · pass · 9-0
Member-level votes (9)
- Valencia: yes
- Blanca Rubio: yes
- Dixon: yes
- Soria: yes
- Chen: yes
- Fong: yes
- Krell: yes
- Schiavo: yes
- Michelle Rodriguez: yes
Do pass and be re-referred to the Committee on [Appropriations]
2026-04-21 · pass · 15-0
Member-level votes (15)
- Bryan: yes
- Irwin: yes
- Wilson: yes
- Pellerin: yes
- Wicks: yes
- Petrie-Norris: yes
- Lowenthal: yes
- Macedo: yes
- Patterson: yes
- DeMaio: yes
- Bauer-Kahan: yes
- Hoover: yes
- McKinnor: yes
- Ortega: yes
- Ward: yes
Do pass.
2026-05-14 · pass · 15-0
Member-level votes (15)
- Dixon: yes
- Krell: yes
- Sharp-Collins: yes
- Tangipa: yes
- Wicks: yes
- Pacheco: yes
- Caloza: yes
- Ta: yes
- Fong: yes
- Calderon: yes
- Hoover: yes
- Pellerin: yes
- Solache: yes
- Aguiar-Curry: yes
- Mark González: yes
Do pass as amended.
2026-06-08 · pass · 7-1
Member-level votes (9)
- Dixon: yes
- Michelle Rodriguez: yes
- Valencia: yes
- Fong: yes
- Krell: yes
- Soria: yes
- Blanca Rubio: yes
- Schiavo: no
- Chen: other
AB 2285 Valencia Assembly Third Reading
2026-06-18 · pass · 49-1
Member-level votes (79)
- Fong: yes
- Boerner: yes
- Elhawary: yes
- Kalra: yes
- Ahrens: yes
- Hoover: yes
- Jackson: yes
- Ward: yes
- Harabedian: yes
- Arambula: yes
- Berman: yes
- Nguyen: yes
- Stefani: yes
- Ta: yes
- Blanca Rubio: yes
- Bauer-Kahan: yes
- Hart: yes
- Papan: yes
- Hadwick: yes
- Lee: yes
- Irwin: yes
- Pellerin: yes
- Carrillo: yes
- Ortega: yes
- Quirk-Silva: yes
- Lackey: yes
- Pacheco: yes
- Wallis: yes
- Zbur: yes
- Bryan: yes
- Solache: yes
- Ávila Farías: yes
- Chen: yes
- Rogers: yes
- Bennett: yes
- Lowenthal: yes
- Schultz: yes
- Mark González: yes
- Caloza: yes
- Petrie-Norris: yes
- Rivas: yes
- Michelle Rodriguez: yes
- Gabriel: yes
- Sanchez: yes
- Patterson: yes
- Valencia: yes
- Wilson: yes
- Gipson: yes
- DeMaio: yes
- Schiavo: no
- Addis: other
- Sharp-Collins: other
- McKinnor: other
- Aguiar-Curry: other
- Alvarez: other
- Connolly: other
- Macedo: other
- Muratsuchi: other
- Flora: other
- Patel: other
- Bonta: other
- Bains: other
- Krell: other
- Ramos: other
- Garcia: other
- Alanis: other
- Ellis: other
- Johnson: other
- Davies: other
- Dixon: other
- Castillo: other
- Ransom: other
- Celeste Rodriguez: other
- Wicks: other
- Haney: other
- Tangipa: other
- Jeff Gonzalez: other
- Calderon: other
- Soria: other
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T01:34:27.960412Z
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