California Crypto Asset Regulator Faces Funding Shortage (1)

The California regulator overseeing the state’s cryptocurrency licensing law will need additional funding to start the program by its scheduled implementation date of July 1, 2026.

The state Department of Financial Protection and Innovation faces a projected $193 million shortfall in funding to set up multiple programs that include the Digital Financial Assets Law, the 2023 measure that establishes a licensing framework for digital asset companies operating in the state.

California is one of at least three states to have a licensing regime for the trillion-dollar industry to provide greater consumer and investor oversight and prevent fraud. Meanwhile, the US ...