New Front in ESG War & CA’s First Fine for Violation of Crypto Law

Developing Anti-‘Debanking’ Trend in Red States?

A new front appears to have opened in the ongoing battle over environmental, social and governance (ESG) investing. In March Idaho Gov. Brad Little (R) signed the Transparency in Financial Services Act (SB 1027), prohibiting financial institutions with over $100 billion in assets from denying services for ideological reasons, a practice known as “debanking.” Florida and Tennessee have enacted similar measures. All three laws are based on model legislation drafted by the conservative group Alliance Defending Freedom. The model bill has been introduced in 17 states since last year. (PLURIBUS NEWS, ALLIANCE DEFENDING FREEDOM, LEXISNEXIS STATE NET)

CA Issues First Fine Under Crypto Law

California’s Department of Financial Protection and Innovation fined Coinme, a national cryptocurrency ATM operator based in Seattle, $300,000 for regulatory violations. The fine was the first issued under the state’s 2023 Digital Financial Assets Law. (STATE AFFAIRS)

—Compiled by SNCJ Managing Editor KOREY CLARK

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