On July 28, the DFPI sent a voluntary survey to all DFPI-licensed banks, credit unions, and trust companies relating to the use of blockchain technologies and the offering of crypto asset-related financial products and services.  The survey asks licensees about their current uses of blockchain technologies and offerings of crypto asset-related financial products and services, if any, as well as any initiatives under consideration. The survey also asks licensees to identify areas that should be addressed in guidance the DFPI intends to issue by March 31, 2023, as directed by the Governor’s Executive Order relating to crypto assets and blockchain technologies (Executive Order).  You can read more about the Executive Order here.

The survey is another effort advancing the Executive Order’s directive for the DFPI to “engage in a public process to develop a comprehensive regulatory approach to crypto assets harmonized with the direction of federal regulations and guidance.”  As covered in last month’s Bulletin, the DFPI issued an invitation for public comments on the DFPI’s regulatory approach to crypto assets on May 31, 2022.

The survey requests responses from licensees by August 26th. The survey was emailed to each institutions’ designated email address in accordance with Financial Code § 331.5.  The email contains a secure link to each individual institutions’ survey.

If you have content questions about the survey, please contact Senior Counsel with the DFPI’s Office of Financial Technology Innovation, Adam Wright, at adam.wright@dfpi.ca.gov. For technical questions, email to survey@dfpi.ca.gov.