DFPI Request for Comment

California’s Department of Financial Protection and Innovation (DFPI) has invited the public to comment on various issues related to cryptocurrency and blockchain technology. Since this feedback will help inform their proposed regulations, this is an excellent opportunity for the crypto sector to influence the final product while ensuring that consumer voices are considered as California drafts its policies and regulations concerning digital assets.

How to Contact

Comments may be submitted electronically to regulations@dfpi.ca.gov (please include “Invitation for Comments – Crypto Asset-Related Financial Products and Services ” in the subject line).

Comments may also be mailed to:

Department of Financial Protection and Innovation, Legal Division
Attn: Sandra Navarro, Regulations Coordinator
2101 Arena Boulevard
Sacramento, CA 95834

DFPI Commissioner Clothilde Hewlett invites interested parties to submit comments by the deadline of August 5, 2022.

What to Say in Your Comment

Given the breadth of the questions, you shouldn’t feel the need to reply to every point. But rather, single out the areas that matter the most to you as a consumer, and speak to those in an informed manner. Quality matters over quantity.

We recommend that the sector follows the three B’s:

1. Be Concise
2. Be Respectful
3. Be Factual

Here are the ten questions DFPI is specifically seeking comment on:

1. What steps should the DFPI take to better protect consumers from scams and frauds
   associated with crypto asset-related financial products and services?
2. What steps should the DFPI take to improve consumer education and outreach for
   crypto asset-related financial products and services?
3. What steps should the DFPI take to better ensure consumer protection in the offering
   and provision of crypto asset-related financial products and services?
4. What steps should the DFPI take to better ensure investor protection in the offering and
   provision of crypto asset-related financial products and services?
5. What steps should the DFPI take to better ensure financial stability in the market from
   risks posed in the offering and provision of crypto asset-related financial products and
   services?
6. What steps should the DFPI take to address climate risks posed in the offering and
   provision of crypto asset-related financial products and services?
7. How should the DFPI strive to harmonize its regulatory approach to crypto asset-related
   financial products and services with federal authorities?
8. In developing a comprehensive regulatory approach to crypto asset-related financial
   products and services, how should the DFPI work with other state financial regulators to
   promote a common approach that increases the reach of DFPI’s consumer protection
   efforts and reduces unnecessary burdens, if any, on companies seeking to operate
   nationwide?
9. How can the DFPI make California the most desirable home state for responsible
   companies when developing guidance and, as appropriate, regulatory clarity and
   supervision of persons involved in the offering and provision of crypto asset-related
   financial products and services in California?
10. How should the DFPI ensure that California values of inclusive innovation and equity-
    focused consumer protection are core components of crypto asset-related financial
    products and services as it develops guidance and, as appropriate, regulatory clarity and supervision of those persons involved in the offering and provision of crypto asset-related financial products and services in California

(Optional) Social Media

The more thoughtful comments we can raise about this issue, the more regulators like DFPI will take notice of our community and demands as consumers. Please share this page with your social circles that might have something to say on this issue.

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FAQs