The Internet reported that the California regulator responsible for overseeing California's cryptocurrency licensing law will need additional funds to launch the project before the scheduled implementation date of July 1, 2026. California's Department of Financial Protection and Innovation is expected to face a funding gap of $193 million to set up multiple projects, including the Digital Financial Assets Act. The bill, which will be introduced in 2023, aims to establish a licensing framework for digital asset companies operating in the state. California is one of at least three states to have established licensing systems for this trillion-dollar industry, designed to strengthen oversight of consumers and investors and prevent fraud. At the same time, the U.S. Senate is trying to pass legislation that would provide a regulatory framework for the industry.