On October 4, California passed a bill requiring a money transmitter to display a toll-free telephone number on its website through which a customer may contact the licensee for customer service issues and receive live customer assistance. The telephone number must be operative at least 10 hours per day, Monday through Friday, excluding federal holidays.

Between July 20-22, 2021, state securities regulators in New Jersey, Texas, and Alabama took aim at BlockFi — a cryptocurrency-based platform that has raised $14.7 billion from investors — related to the company’s interest-bearing crypto accounts. This regulatory scrutiny, brought by a bipartisan group of state securities regulators, may prove significant given that state and