According to CoinMeta, the California Department of Financial Protection and Innovation has submitted a letter of opinion to the U.S. Securities and Exchange Commission against its proposal regarding "regulation crypto assets," stating that such a scheme could weaken investor protection and limit state governments' oversight of issuance projects. Commissioner KC Mohseni stated that California opposes federal regulators weakening state-level regulatory powers and protective measures. The proposal intends to allow eligible issuers to raise up to $5 million within four years through startup exemptions, while another cryptocurrency financing exemption allows issuers to raise up to $75 million within 12 months. Relevant issuers are required to disclose project details, risks, and other information necessary for investor evaluation; some financings also require the submission of financial statements and ongoing reporting. Federal securities laws still retain the authority for each state to investigate securities fraud, deceptive practices, and the activities of illegal brokers or traders. Blockchain payment company Ripple, cryptocurrency exchanges Coinbase, and exchange operators Nasdaq all support the adjustment of the proposal. DFPI indicated that their fraud tracking list has seen nearly 200 new cases related to cryptocurrencies, an increase of 30% from the previous year.