California Financial Code

§ 3505

FIN § 3505 Effective Jan 1, 2024Div. 1.25 · Ch. 5

Statute text

(a)(1) Except as provided for under paragraph (2), a covered exchange, prior to listing or offering a digital financial asset that the covered exchange can exchange on behalf of a resident, shall certify on a form provided by the department that the covered exchange has done the following:

(A)Identified the likelihood that the digital financial asset would be deemed a security by federal or California regulators.

(B)Provided, in writing, full and fair disclosure of all material facts relating to conflicts of interest that are associated with the covered exchange and the digital financial asset.

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Legislative history

Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.