Blockworks has written an article stating that by 2024, cryptocurrency regulation in the United States will be led by state-level agencies rather than Washington. State-level governors and legislative bodies are taking decisive action on meaningful digital asset regulation. The focus is on California Governor Gavin Newsom signing Assembly Bill 39 into law. The bill, known as the Digital Financial Asset Law (DFAL), establishes comprehensive rules for digital financial asset businesses operating in the state. Beginning in 2025, California's digital financial asset industry will be subject to a licensing and supervisory regulatory regime, including capital and liquidity requirements, periodic disclosures, and stablecoin approval standards. Another attorney general hoping to expand the scope of digital asset regulation is New Jersey Attorney General Matt Platkin, with the cryptocurrency industry currently waiting to see if the New Jersey legislature will pass legislation to include cryptocurrency regulation under the attorney general's jurisdiction and the Department of Law and Public Safety.