CA SB 97
enactedDigital financial assets: stablecoins.
California · 2025-2026 Regular Session · upper
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Quick answers
Did CA SB 97 pass?
Yes. CA SB 97 has been enacted into law. Latest recorded action (2026-06-30): Chaptered by Secretary of State. Chapter 52, Statutes of 2026.
What is CA SB 97 about?
(1) Existing law, the Digital Financial Assets Law, prohibits a person, on or after July 1, 2026, 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 certain criteria are met, including that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2026, and is awaiting approval or denial of that application. This bill would revise the above-described latter criterion to specify that the person submits a completed application, as provided. The Digital Financial Assets Law authorizes the Commissioner of Financial Protection and Innovation to issue a conditional license to an applicant who holds or maintains a license to conduct virtual currency business activity in the State of New York, as specified, provided the license was issued or approved no later than January 1, 2023. This bill would revise the above-described authorization to require that the license be issued or approved no later than January 1, 2025. (2) The Digital Financial Assets Law defines "digital financial asset business activity" to mean any of specified activities, including, among others, exchanging, transferring, or storing a digital financial asset, as specified, or exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games, as provided. This bill would remove exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games from the definition of "digital financial business activity." The bill would specify that a "digital financial asset" does not include, among other things, a transaction in which a merchant grants digital representations of value that primarily relate to an affinity or rewards program, as provided, or a digital representation of value issued by or on behalf of a publisher and used primarily within online games or game platforms and that is not otherwise a digital financial asset. The Digital Financial Assets Law declares that its provisions do not apply to specified activity, including by a person who does not receive compensation for providing digital financial asset products or services or for conducting financial asset business activity or that is engaged in testing products or services with the person's own funds. This bill would specify that the above-described exclusion includes a person who merely retains the ability to terminate, suspend, or interrupt a digital financial transaction solely to prevent unauthorized or fraudulent activity and who is not compensated for that service. The Digital Financial Assets Law prohibits a covered person from exchanging, transferring, or storing a digital financial asset that is a stablecoin or engaging in digital financial asset administration of a stablecoin, as specified, unless certain conditions are met. However, existing law authorizes a covered person to exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, as specified, if the stablecoin is approved by the commissioner and complies with certain requirements, restrictions, or prohibitions established by the commissioner. This bill would repeal the above-described provisions related to stablecoins. (3) The Digital Financial Assets Law requires a licensee to submit an annual report, as provided, containing specified information, including a description of any data security breach or cybersecurity event of the licensee. Existing law requires a licensee to file with the department, as applicable, a report of, among other things, a change in the licensee's business for the conduct of its digital financial asset business activity with, or on behalf of, a resident that meets one of specified criteria, including that the proposed change might raise safety and soundness or operational concerns. This bill would revise the above-described annual report to instead include a description of any material data security breach or cybersecurity event of the licensee. The bill would revise the specified criteria in the requirement to file the above-described report of a change in the licensee's business to instead include that the proposed change might raise material safety and soundness or operational concerns. Before engaging in digital financial asset business activity with a resident, the Digital Financial Assets Law requires a covered person, defined as a person required to obtain a license pursuant to that law, to disclose, as provided, certain information, including the resident's right to at least 14 days' prior notice of specified changes that have a material impact on digital financial asset business activity with the resident, or the policies applicable to the resident's account. Existing law requires a covered exchange, as provided, to certify on a form provided by the department that the covered exchange has taken specified actions, except for any digital financial asset approved for listing on or before January 1, 2023. In a transaction for or with a resident, existing law prohibits the covered exchange from interjecting a third party between the covered exchange and the best market for the digital financial asset in a manner inconsistent with specified requirements. This bill would prohibit the 14-day notice requirement from applying to changes in terms, conditions, or policies that are reasonably necessary to address a risk of loss to the resident or covered person, to the extent that the change does not relate to the fee schedule. The bill would instead exclude from the above-described certification requirement a digital financial asset approved for listing on or before January 1, 2025. The bill would require a covered person to provide and make available an up-to-date description of the order execution practices of the covered person, as specified. The bill would exempt a transaction in which a resident receives stablecoin, as defined, in exchange for legal tender or bank or credit union credit from the above-described prohibition against interjecting a third party. The Digital Financial Assets Law requires an applicant, as provided, to create, and during licensure, maintain in a record specified policies and procedures. Existing law requires these policies and procedures be disclosed separately from other disclosures made available to a resident, as specified, except for, among other things, an adopted information security program or an operational security program. This bill would instead exclude from the above-described requirement to disclose separately from other disclosures programs with information that is sensitive to potential security risks, as specified. This bill would declare that it is to take effect immediately as an urgency statute.
Who sponsors CA SB 97?
Grayson is the primary sponsor of CA SB 97.
Description
(1) Existing law, the Digital Financial Assets Law, prohibits a person, on or after July 1, 2026, 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 certain criteria are met, including that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2026, and is awaiting approval or denial of that application. This bill would revise the above-described latter criterion to specify that the person submits a completed application, as provided. The Digital Financial Assets Law authorizes the Commissioner of Financial Protection and Innovation to issue a conditional license to an applicant who holds or maintains a license to conduct virtual currency business activity in the State of New York, as specified, provided the license was issued or approved no later than January 1, 2023. This bill would revise the above-described authorization to require that the license be issued or approved no later than January 1, 2025. (2) The Digital Financial Assets Law defines "digital financial asset business activity" to mean any of specified activities, including, among others, exchanging, transferring, or storing a digital financial asset, as specified, or exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games, as provided. This bill would remove exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games from the definition of "digital financial business activity." The bill would specify that a "digital financial asset" does not include, among other things, a transaction in which a merchant grants digital representations of value that primarily relate to an affinity or rewards program, as provided, or a digital representation of value issued by or on behalf of a publisher and used primarily within online games or game platforms and that is not otherwise a digital financial asset. The Digital Financial Assets Law declares that its provisions do not apply to specified activity, including by a person who does not receive compensation for providing digital financial asset products or services or for conducting financial asset business activity or that is engaged in testing products or services with the person's own funds. This bill would specify that the above-described exclusion includes a person who merely retains the ability to terminate, suspend, or interrupt a digital financial transaction solely to prevent unauthorized or fraudulent activity and who is not compensated for that service. The Digital Financial Assets Law prohibits a covered person from exchanging, transferring, or storing a digital financial asset that is a stablecoin or engaging in digital financial asset administration of a stablecoin, as specified, unless certain conditions are met. However, existing law authorizes a covered person to exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, as specified, if the stablecoin is approved by the commissioner and complies with certain requirements, restrictions, or prohibitions established by the commissioner. This bill would repeal the above-described provisions related to stablecoins. (3) The Digital Financial Assets Law requires a licensee to submit an annual report, as provided, containing specified information, including a description of any data security breach or cybersecurity event of the licensee. Existing law requires a licensee to file with the department, as applicable, a report of, among other things, a change in the licensee's business for the conduct of its digital financial asset business activity with, or on behalf of, a resident that meets one of specified criteria, including that the proposed change might raise safety and soundness or operational concerns. This bill would revise the above-described annual report to instead include a description of any material data security breach or cybersecurity event of the licensee. The bill would revise the specified criteria in the requirement to file the above-described report of a change in the licensee's business to instead include that the proposed change might raise material safety and soundness or operational concerns. Before engaging in digital financial asset business activity with a resident, the Digital Financial Assets Law requires a covered person, defined as a person required to obtain a license pursuant to that law, to disclose, as provided, certain information, including the resident's right to at least 14 days' prior notice of specified changes that have a material impact on digital financial asset business activity with the resident, or the policies applicable to the resident's account. Existing law requires a covered exchange, as provided, to certify on a form provided by the department that the covered exchange has taken specified actions, except for any digital financial asset approved for listing on or before January 1, 2023. In a transaction for or with a resident, existing law prohibits the covered exchange from interjecting a third party between the covered exchange and the best market for the digital financial asset in a manner inconsistent with specified requirements. This bill would prohibit the 14-day notice requirement from applying to changes in terms, conditions, or policies that are reasonably necessary to address a risk of loss to the resident or covered person, to the extent that the change does not relate to the fee schedule. The bill would instead exclude from the above-described certification requirement a digital financial asset approved for listing on or before January 1, 2025. The bill would require a covered person to provide and make available an up-to-date description of the order execution practices of the covered person, as specified. The bill would exempt a transaction in which a resident receives stablecoin, as defined, in exchange for legal tender or bank or credit union credit from the above-described prohibition against interjecting a third party. The Digital Financial Assets Law requires an applicant, as provided, to create, and during licensure, maintain in a record specified policies and procedures. Existing law requires these policies and procedures be disclosed separately from other disclosures made available to a resident, as specified, except for, among other things, an adopted information security program or an operational security program. This bill would instead exclude from the above-described requirement to disclose separately from other disclosures programs with information that is sensitive to potential security risks, as specified. This bill would declare that it is to take effect immediately as an urgency statute.
- Introduced
- 2025-01-23
- Latest action
- 2026-06-30 — Chaptered by Secretary of State. Chapter 52, Statutes of 2026.
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Graysonauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-06-30
Chaptered by Secretary of State. Chapter 52, Statutes of 2026.
became-law
2026-06-30
Approved by the Governor.
executive-signature
2026-06-29
Assembly amendments concurred in. (Ayes 38. Noes 0.) Ordered to engrossing and enrolling.
amendment-passage,committee-passage,committee-passage-favorable
2026-06-29
Read third time. Urgency clause adopted. Passed. Ordered to the Senate.
amendment-passage,passage,reading-1,reading-3
2026-06-29
Enrolled and presented to the Governor at 6 p.m.
executive-receipt
2026-06-29
Urgency clause adopted.
amendment-passage,passage
2026-06-29
In Senate. Concurrence in Assembly amendments pending.
2026-06-29
Unanimous consent granted to take up without reference to file.
2026-06-29
Assembly amendments concurred in. (Ayes 38. Noes 0. Page 5075.) Ordered to engrossing and enrolling.
2026-06-29
Read third time. Urgency clause adopted. Passed. (Ayes 75. Noes 0. Page 5913.) Ordered to the Senate.
2026-06-23
Ordered to third reading.
reading-1,reading-3
2026-06-23
Read third time and amended.
amendment-passage,reading-1,reading-3
2026-06-22
Ordered to third reading.
reading-1,reading-3
2026-06-22
From inactive file.
2026-06-18
Notice of intention to remove from inactive file given by Assembly Member Garcia.
2025-08-21
Ordered to inactive file on request of Assembly Member Aguiar-Curry.
2025-08-21
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-08-20
From committee: Do pass. (Ayes 15. Noes 0.) (August 20).
committee-passage,committee-passage-favorable
2025-07-09
From committee: Do pass and re-refer to Com. on APPR. (Ayes 13. Noes 0.) (July 8). Re-referred to Com. on APPR.
committee-passage,committee-passage-favorable,referral-committee
2025-07-08
From committee: Do pass and re-refer to Com. on P. & C.P. (Ayes 9. Noes 0.) (July 7). Re-referred to Com. on P. & C.P.
committee-passage,committee-passage-favorable,referral-committee
2025-06-27
Assembly Rule 56 suspended.
2025-06-17
June 23 hearing postponed by committee.
2025-06-09
Referred to Coms. on B. & F. and P. & C.P.
referral-committee
2025-06-04
In Assembly. Read first time. Held at Desk.
reading-1
2025-06-03
Read third time. Passed. (Ayes 38. Noes 0. Page 1438.) Ordered to the Assembly.
passage,reading-1,reading-3
2025-06-02
Read second time. Ordered to third reading.
reading-1,reading-2,reading-3
2025-05-29
Read third time and amended.
amendment-passage,reading-1,reading-3
2025-05-29
Ordered to second reading.
reading-1,reading-2
2025-05-01
From consent calendar on motion of Senator Gonzalez.
2025-05-01
Ordered to third reading.
reading-1,reading-3
2025-04-29
Read second time. Ordered to consent calendar.
reading-1,reading-2
2025-04-28
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
committee-passage,reading-1,reading-2
2025-04-17
Set for hearing April 28.
2025-04-10
Read second time and amended. Re-referred to Com. on APPR.
amendment-passage,reading-1,reading-2,referral-committee
2025-04-09
From committee: Do pass as amended and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 13. Noes 0. Page 705.) (April 8).
amendment-passage,committee-passage,committee-passage-favorable,referral-committee
2025-04-03
From committee: Do pass and re-refer to Com. on JUD. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 632.) (April 2). Re-referred to Com. on JUD.
committee-passage,committee-passage-favorable,referral-committee
2025-03-25
Set for hearing April 8 in JUD. pending receipt.
2025-03-24
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-03-20
Set for hearing April 2.
2025-03-19
Re-referred to Coms. on B. & F.I. and JUD.
referral-committee
2025-03-12
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
amendment-passage,committee-passage,reading-1,reading-2,referral-committee
2025-02-05
Referred to Com. on RLS.
referral-committee
2025-01-24
From printer. May be acted upon on or after February 23.
2025-01-23
Introduced. Read first time. To Com. on RLS. for assignment. To print.
introduction,reading-1,referral-committee
Versions
- 01/23/25 - Introduced — 2025-01-23Compare
- 03/12/25 - Amended Senate — 2025-03-12Compare
- 03/24/25 - Amended Senate — 2025-03-24Compare
- 04/10/25 - Amended Senate — 2025-04-10Compare
- 05/29/25 - Amended Senate — 2025-05-29Compare
- 06/23/26 - Amended Assembly — 2026-06-23Compare
- 06/29/26 - Enrolled — 2026-06-29Compare
- 06/30/26 - Chaptered — 2026-06-30Compare
- SB97Compare
- (document, no version)Compare
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Votes
Do pass, but first be re-referred to the Committee on [Judiciary] with the recommendation: To Consent Calendar
2025-04-02 · pass · 7-0
Member-level votes (7)
- Cervantes: yes
- Hurtado: yes
- Strickland: yes
- Grayson: yes
- Niello: yes
- Richardson: yes
- Limón: yes
Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] with the recommendation: To Consent Calendar
2025-04-08 · pass · 13-0
Member-level votes (13)
- Weber Pierson: yes
- Ashby: yes
- Durazo: yes
- Wahab: yes
- Wiener: yes
- Arreguín: yes
- Laird: yes
- Umberg: yes
- Valladares: yes
- Allen: yes
- Stern: yes
- Niello: yes
- Caballero: yes
3rd Reading
2025-06-03 · pass · 38-0
Member-level votes (40)
- Valladares: yes
- Gonzalez: yes
- Choi: yes
- McNerney: yes
- Weber Pierson: yes
- Becker: yes
- Laird: yes
- Ashby: yes
- Richardson: yes
- Cervantes: yes
- Padilla: yes
- Stern: yes
- Durazo: yes
- Arreguín: yes
- Seyarto: yes
- Niello: yes
- Cortese: yes
- Pérez: yes
- Grove: yes
- Cabaldon: yes
- Dahle: yes
- Grayson: yes
- Allen: yes
- Menjivar: yes
- Smallwood-Cuevas: yes
- Strickland: yes
- Wiener: yes
- Archuleta: yes
- Alvarado-Gil: yes
- McGuire: yes
- Blakespear: yes
- Jones: yes
- Wahab: yes
- Limón: yes
- Caballero: yes
- Ochoa Bogh: yes
- Rubio: yes
- Umberg: yes
- Reyes: other
- Hurtado: other
Do pass and be re-referred to the Committee on [Privacy and Consumer Protection]
2025-07-07 · pass · 9-0
Member-level votes (9)
- Fong: yes
- Dixon: yes
- Valencia: yes
- Michelle Rodriguez: yes
- Schiavo: yes
- Blanca Rubio: yes
- Chen: yes
- Soria: yes
- Krell: yes
Do pass and be re-referred to the Committee on [Appropriations]
2025-07-08 · pass · 13-0
Member-level votes (15)
- Bryan: yes
- Ortega: yes
- Dixon: yes
- Pellerin: yes
- Ward: yes
- Irwin: yes
- Wicks: yes
- Wilson: yes
- Lowenthal: yes
- Haney: yes
- Petrie-Norris: yes
- McKinnor: yes
- Lackey: yes
- Hoover: other
- DeMaio: other
Do pass.
2025-08-20 · pass · 15-0
Member-level votes (15)
- Fong: yes
- Arambula: yes
- Tangipa: yes
- Ta: yes
- Solache: yes
- Wicks: yes
- Caloza: yes
- Dixon: yes
- Pellerin: yes
- Jeff Gonzalez: yes
- Calderon: yes
- Pacheco: yes
- Elhawary: yes
- Hart: yes
- Mark González: yes
W/O REF. TO FILE
2026-06-29 · pass · 38-0
Member-level votes (40)
- Caballero: yes
- Wiener: yes
- Choi: yes
- Gonzalez: yes
- Limón: yes
- Ochoa Bogh: yes
- Umberg: yes
- Cortese: yes
- Richardson: yes
- Niello: yes
- Allen: yes
- Cabaldon: yes
- McGuire: yes
- Ashby: yes
- Durazo: yes
- Seyarto: yes
- Hurtado: yes
- Grove: yes
- Archuleta: yes
- Dahle: yes
- Menjivar: yes
- Weber Pierson: yes
- Smallwood-Cuevas: yes
- Pérez: yes
- Reyes: yes
- Valladares: yes
- Wahab: yes
- McNerney: yes
- Becker: yes
- Blakespear: yes
- Padilla: yes
- Grayson: yes
- Strickland: yes
- Cervantes: yes
- Alvarado-Gil: yes
- Laird: yes
- Stern: yes
- Arreguín: yes
- Jones: other
- Rubio: other
SB 97 Grayson Third Reading Urgency By Blanca Rubio
2026-06-29 · pass · 75-0
Member-level votes (79)
- Rivas: yes
- Dixon: yes
- Quirk-Silva: yes
- Ahrens: yes
- Garcia: yes
- Gabriel: yes
- Gipson: yes
- Pacheco: yes
- Ortega: yes
- Pellerin: yes
- Celeste Rodriguez: yes
- Carrillo: yes
- Ellis: yes
- Flora: yes
- Caloza: yes
- Aguiar-Curry: yes
- Alanis: yes
- Ta: yes
- Hoover: yes
- Mark González: yes
- Calderon: yes
- Ramos: yes
- Sanchez: yes
- Wicks: yes
- Solache: yes
- Ward: yes
- Wilson: yes
- Patterson: yes
- Papan: yes
- Lowenthal: yes
- Jeff Gonzalez: yes
- Alvarez: yes
- Berman: yes
- Connolly: yes
- Haney: yes
- Irwin: yes
- Bennett: yes
- Bryan: yes
- Petrie-Norris: yes
- Fong: yes
- Bonta: yes
- Chen: yes
- Soria: yes
- Rogers: yes
- Ávila Farías: yes
- Elhawary: yes
- McKinnor: yes
- Zbur: yes
- Patel: yes
- Jackson: yes
- Addis: yes
- DeMaio: yes
- Tangipa: yes
- Johnson: yes
- Castillo: yes
- Lee: yes
- Sharp-Collins: yes
- Hart: yes
- Michelle Rodriguez: yes
- Nguyen: yes
- Blanca Rubio: yes
- Valencia: yes
- Harabedian: yes
- Arambula: yes
- Macedo: yes
- Davies: yes
- Schultz: yes
- Krell: yes
- Ransom: yes
- Stefani: yes
- Schiavo: yes
- Wallis: yes
- Kalra: yes
- Hadwick: yes
- Bauer-Kahan: yes
- Lackey: other
- Bains: other
- Boerner: other
- Muratsuchi: other
Related bills
No related bills recorded for this bill.
Official source
Attribution
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