CA AB1934

Extends the operative date for California's Digital Financial Assets Law from July 1, 2025, to July 1, 2026, for licensing requirements, disclosure rules, and stablecoin regulations.

Requires licensees to maintain monthly compliance reports demonstrating adherence to digital financial asset custody and administration conditions, in addition to existing general ledger requirements.

Authorizes the Department of Financial Protection and Innovation commissioner to approve specific stablecoins for exchange, transfer, storage, or administration if they do not compromise resident interests, with consideration of issuer redemption rights, asset quality, and risk factors.

Grants the commissioner authority to impose additional requirements, restrictions, or prohibitions on stablecoin activities and to revoke approvals if stablecoins are marketed to falsely appear risk-free or if market conditions change materially.

Requires digital financial asset transaction kiosk operators to ensure that persons conducting business through their kiosks hold the required state license on or after July 1, 2026.