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Alan Markfeld
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Dharmi is an excellent securities lawyer who understands the law as it pertains to these cases. She is extremely proactive and represents her clients well. I highly recommend Jacko and Dharmi.
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Danielle Martin profile picture
Danielle Martin
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I’ve had the privilege of working closely with this firm in my role as Chief Compliance Officer and I can confidently say they are an exceptional compliance partner. Their depth of experience is immediately evidentand they bring a level of practical knowledge. What I truly enjoy is their ability to translate complex regulatory requirements into plain English, often using real, everyday examples that make implementation far more manageable. They are also incredibly responsive and reliable. In a field where timing matters, their prompt communication and thoughtful guidance have been invaluable. If you’re looking for a compliance attorney who combines expertise, clarity, and professionalism, I highly recommend them.
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Curt Rocca
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Michelle and the team at Jacko Law Group have helped guide through a variety of critical circumstances as we ventured through the uncharted and unfamiliar territory of becoming and successfully operating as an RIA. I have particularly appreciated Michelle's personal involvement and genuine caring about us and our organization. She has been responsive and her counsel has been consistently on-point and helpful. She artfully guided us through our initial filing process and first SEC exam process - which went very well. Very grateful to Michelle and her team.
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Nicholas Di Paolo
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Michelle and her team were excellent to work with, front to back. They helped me to understand the challenges ahead and were always proactive in their consultation through every step of my transition. JLG truly know the wealth management industry very well and did a great job of understanding the challenges unique to my business. Without them, I can confidently say I would not have felt as comfortable through the transition as I did. Fortunately, that's not something that stops there - Michelle and her team have kept in touch to ensure that I'm on top of certain administrative issues, trends, and simply showing me that they care about my business and success. I look forward to continuing to work with them for many years to come.
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Margery Neis
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Dharmi Mehta was extremely helpful when my business partner and I transitioned to a new RIA firm. She and her staff were all very professional. Her guidance during our transition was invaluable. I highly recommend Dharmi and Jacko Law Group.
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Joseph Burwell profile picture
Joseph Burwell
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Dharmi and Amandeep were a delight to work with. They assisted me with a claim and stuck with me the entire way through. Dharmi's advice was invaluable, and I was most impressed by her clear and professional communication. From beginning-to-end, both Dharmi and Amandeep kept me well informed. Their entire team are proud of their work and rightfully so. Thank you!
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Faruk Jaffer
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My mentor once told me that a good attorney is worth their weight in gold — and that couldn't be more true of Michelle and Amanda. Their expertise, professionalism, and responsiveness were top notch every step of the way. It's rare to find legal partners who are not only sharp and thorough, but also genuinely invested in your success. I’m grateful for their guidance and highly recommend them to anyone seeking trusted legal counsel.
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everistus etafo
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It is my great Privilege to share my Review of what Atty Dharmi Mehta of Jacko Law Group did for me and by extension for my family. From the first time complimentary conversation we had having spoken to several other Lawyers ,l knew she was the right person for the Job .Because of her background as a former RR ,she was professional,kind, Empathetic,listened and was focused on fighting for me. From a potential of been terminated with cause ,l was able to walk away with a clean U5 with a validation that l did nothing wrong except what was in the best Interest of my clients. I hope nobody ever has to go through what l have Experienced, but if you do ,you want Dharmi Mehta beside you .Rest assured your service Deserve 10 stars but this forum only allows 5. Me and my family are forever grateful and will make sure that any RR who needs an advocate will know about you . Everistus Etafo
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Karen Althaus
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I have worked with Jacko Law Group for 2 different business situations that necessitated an attorney. In both cases, the team was very thorough & competent. Their attention to our situation and the extra effort they put into our case(s) was very much appreciated. I would highly recommend Jacko Law Group!

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The New California Digital Asset Bill

A map of California highlighting major cities | Jacko Law Group, PC

In a decisive move towards regulating crypto currencies, California Governor Gavin Newsom has signed the Digital Financial Assets Law to bridge the gap in regulating alternative currencies in the state.

Crypto and alternative currencies have been lurking in the background for years. However, over the last decade, cryptocurrencies gained popularity as a viable tender that moved fast, globally, and efficiently without any governmental oversight or bureaucracy, a key appeal for many users.

Bitcoin, the most popular and widely used cryptocurrency, was created in 2009 by Satoshi Nakamoto (a pseudonym for one or several programmers). The first real-world transaction was on May 22, 2010, when a man paid 10,000 bitcoins for two Papa John pizzas worth $25. On October 26, 2023, 10,000 bitcoins were valued at $338,508,000.00. Also, May 22nd is now known as Bitcoin Pizza Day!

To further demonstrate its adoption, at the end of 2022, there were 260,000 bitcoin transactions in the U.S. every day. Around 23,000 businesses in the country accept bitcoin as a form of payment, with about 440 of those businesses based in California, the most active state.

Now that Fortune 500 companies have embraced crypto currencies, like Ferrari, which recently announced that it will now accept bitcoin as payment for its luxury cars, it is safe to say that digital assets have reached critical mass. However, many believe cryptocurrencies would benefit from regulation, and California’s new law is the first step towards making that happen across the country.

What is the Digital Financial Assets Law? 
The Digital Financial Assets Law is legislation introduced to regulate business activities using Digital Financial Assets (DFAs) in the state of California, or on behalf of California residents.

The Digital Financial Assets Law will require individuals and entities that engage in DFA transactions to follow established regulations, including licensing, disclosures, record-keeping, and more. The law applies to those engaging in business activity with DFAs within the state of California or on behalf of a resident of California, with some notable exceptions.

What is considered a Digital Financial Asset?
The Digital Financial Asset Law recognizes a DFA as:

  • A digital medium of value used in exchange
  • A unit of account
  • A store of value
  • And is not a legal tender

DFAs do not include:

  • A transaction within a reward program in which the value of the digital asset cannot be exchanged for a traditional legal tender or a DFA
  • SEC-registered digital asset securities or securities exempt from SEC registration
  • A digital asset of value within a platform or family of platforms, such as online games

Who will be required to comply with the new Digital Financial Assets Law? 
The Digital Financial Assets Law will apply to both individuals and business entities involved in the following DFA activities:

  • The exchange of DFAs of value
  • The transfer of DFAs of value
  • The storage of DFAs of value
  • The administration of DFAs of value directly or through asset control services such as digital asset fund administration
  • The holding or issuing of shares of electronic metals or electronic certificates that represent shares of electronic metals
  • The exchange of DFAs of value within online games or gaming platforms (with exceptions)

When will the Digital Financial Assets Law go into effect? 
The law will go into effect on July 1, 2025, giving those who fall under the bucket ample time to implement and adopt all regulations.

Who will be the Regulatory Body in charge of rulemaking and enforcement?
The California State Department of Financial Protection and Innovation (DFPI) has been delegated the task of establishing regulations, procedures, and enforcement actions.

For those interested in submitting a comment regarding the new law, the DFPI is currently accepting comments from the public on such matters until January 12, 2024.

Comments can be submitted to [email protected] with the subject line "PRO 02-23”. More information can be found here.

Businesses with questions regarding eligibility can learn more about whether the new law will affect them by emailing the DFPI at [email protected].

The legal team at Jacko Law Group is closely monitoring the new Digital Financial Asset Law and will continue to keep you updated. Jacko Law Group works with investment companies, investment advisers, advisers to private funds, and broker-dealers on developing and maintaining a robust compliance program, ensuring all new regulations and amendments are taken into account. If you have any questions on how the Digital Asset Financial Law may affect you, feel free to give us a call at 619.298.2880.

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Jacko Law Group provides tailored legal services and effective strategies for success, delivering exemplary solutions to complex legal and regulatory challenges to ensure that both business efforts and compliance obligations are satisfied.

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