THE FINTECH TIMES · 2026-11-09 20:00 UTC

California DFPI Opposes SEC Crypto Rule Over State Oversight Risk

California's DFPI filed a public comment letter opposing the SEC's proposed "Regulation Crypto Assets" (SEC Release No. 33-11434), signed by Commissioner KC Mohseni on 20 October 2026. The DFPI says the rule would remove state blue sky review of crypto asset offerings, weakening its ability to block fraudulent offerings before they reach investors. The article cites FBI IC3 figures of $11.3 billion in crypto-related scam losses in 2025 and a roughly 30 per cent year-on-year rise in California's Crypto Scam Tracker entries.

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