July 6, 2022

Volume XII, Number 187

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July 05, 2022

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California Governor Orders DFPI To Initiate Enforcement Actions

As was widely noted last week, California Governor Gavin Newsom issued a lengthy executive order with respect to blockchain technology.  According to the Governor's press release, the order aims to "aims to create a transparent regulatory and business environment for web3 companies which harmonizes federal and California approaches, balances the benefits and risks to consumers, and incorporates California values such as equity, inclusivity, and environmental protection".   In the order, the Governor has assigned a number of tasks to the Department of Financial Protection & Innovation.  Among other things, the DFPI is required within the next 30 days to "solicit public comments regarding the regulation of crypto asset-related financial products and services under the CCFPL [California Consumer Financial Protection Law].  Somewhat more alarmingly for members of the industry, Governor Newsom has ordered the Department to "[i]nitiate enforcement actions as appropriate to stop violations of the CCFPL and other relevant consumer financial laws".  The Governor doesn't identify any violators or what those violations of the CFPL might be. 

Saturday Night In Old Eureka

This weekend, I had the pleasure of attending (as an observer, not a contestant) the Nevada State Old-Time Fiddler's Contest in Eureka, Nevada.  Eureka bills itself as the "friendliest town on the loneliest road in America" and I have to agree on both counts.  The contest was held in the beautiful and historic Eureka Opera House, which is subject of this tune by Richard Elloyan.

© 2010-2022 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XII, Number 129
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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