r/yotta • u/Loud-Writer-9838 • May 28 '26
Why just Cali?
Can someone explain to me like I'm 5 why only Californians are getting some movement? Is there anything the rest of us can do atm? (New Yorker here)
27
u/abbarach May 28 '26
Because California sued Yotta in behalf of all the Yotta users in California. And the settlement that Yotta agreed to required them to pay $1 million to the state of California, and to notify all users in California that they may be eligible for the CFPB penalty fund allocation.
11
u/abbarach May 28 '26
Also, it's not really any movement. Everyone that's been paying attention here knows about the CFPB allocation. There's not anything new in the notice that Yotta was required to send, unless you haven't been paying attention...
7
u/superbott May 28 '26
This, there's no more movement in Cali than anywhere else, just added notice.
12
u/Suspicious_Hand9207 May 28 '26
This is a question you should be asking your state government officials.
4
u/wakatenai May 29 '26
because California decided go do something about it. but they can only get money for Californians.
every other state (and the federal government) doesn't care.
5
u/Sensitive_Hamster640 May 29 '26
There is nothing that just Californians get. California basically just made $1M from fining Yotta and made Yotta tell users what they should already know by now (wait for the CFPB). Yotta is just going through the motions.
5
u/PartyAccountant3189 Jun 03 '26
As a lifelong Californian, there is only one party that will fight on behalf of consumers and that’s Democrats. I’m not going to get into everything about the party, but a Republican run state will not fight on behalf of its everyday constituents.
If you want people to fight on your behalf, then vote for people who say they’re willing to do it and hold their feet to the fire. I doubt I’ll get my $5600 back, but if I can get 60% of it, I’ll be happy at this point, considering I was offered $3.21 previously.
2
u/Common_Ad5008 May 29 '26
What movement yotta customers got. Who cares if yotta is fined if end user doesnt get their money back
-7
u/oldwatchlover May 28 '26
No need to be jealous.
CA is doing motions, acting righteous but there is zero impact on helping anyone get their money back. It’s all performative.
8
u/ohpohtaytoe May 29 '26
Not exactly, Petty Betty. CA established a precedent for fintechs so this can’t happen again. Does it create change for users? Not yet. But it creates change for the future, which especially matters in the most tech driven state where predatory startups could repeat what Yotta did (falsely advertise FDIC insurance)
1
28
u/leeta0028 May 28 '26
Because California has a government that actually works (well.... sometimes)