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:
- Be Concise
- Be Respectful
- Be Factual
Here are the ten questions DFPI is specifically seeking comment on:
- What steps should the DFPI take to better protect consumers from scams and frauds
associated with crypto asset-related financial products and services? - What steps should the DFPI take to improve consumer education and outreach for
crypto asset-related financial products and services? - What steps should the DFPI take to better ensure consumer protection in the offering
and provision of crypto asset-related financial products and services? - What steps should the DFPI take to better ensure investor protection in the offering and
provision of crypto asset-related financial products and services? - 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? - What steps should the DFPI take to address climate risks posed in the offering and
provision of crypto asset-related financial products and services? - How should the DFPI strive to harmonize its regulatory approach to crypto asset-related
financial products and services with federal authorities? - 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? - 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? - 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.
You can also use this quick click to tweet:
I support @CaliforniaDFPI as they build out positive crypto regulations and consumer protections in the state of California. Help write the future of crypto legislation by sharing your thoughts and comments here:… Click To TweetFAQs
Does My Voice Make a Difference?
YES! Especially when hundreds or thousands of voices come together to speak on a single issue. That’s why we’re coordinating these campaigns – politicians have no choice but to listen when we all speak up together.
What Happens Next?
After the request for comment deadline has passed, the office will review the comments and use the input they have received to help create a regulatory framework within the state. They will then release an initial draft of their proposed regulations and open an additional comment period for the public to share their feedback.
Does This Only Affect California Residents?
This specific request for comment campaign is specifically aimed at the DFPI, which is located in California. However, many states will watch what California does in this area and will ultimately influence future regulations and policies in states across the country.