An act to amend Financial and Corporations Codes relating to digital currency

(d) “Digital currency business” means the business of offering or providing the service of storing, transmitting, exchanging, or issuing digital currency. “Digital currency business” does not include the following:

(1) Transmission of digital currency where the transaction is undertaken for non financial purposes and does not involve the transfer of more than a nominal amount of digital currency necessary to complete the transaction.

(2) Online games or gaming platforms that use digital currency that (A) have no market or application outside of those games or gaming platforms, (B) cannot be converted into, or redeemed for, fiat currency or digital currency, and (C) are not redeemable for real-world goods, services, discounts, or purchases.

(3) Customer affinity or rewards programs that use digital currency that can be redeemed for goods, services, or for purchases with the issuer or other designated merchants, but cannot be converted into, or redeemed for, fiat currency or digital currency that is not part of the customer af nity or rewards program.

(4) Issuance of a credit card voucher, letter of credit, or any value that is redeemable only by the issuer for goods and services provided by the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value.

(5) A person or entity developing, distributing, or servicing digital currency network software.

(6) A person or entity contributing software, connectivity, or computing power to a digital currency network.

(7) A person or entity providing data storage or cybersecurity services for an enrolled digital currency business, if the data storage or cybersecurity services do not store digital currency.

What the hell does "nominal" mean? Is "nominal" measured against some absolute dollar value, or against the scope of the task/services rendered? It's not hard to imagine some massive smart contract transactions that would require a lot of resources to perform, but which wouldn't otherwise have any financial purpose. Would those be deemed too costly, not nominally cheap enough, for this act?

I also wonder about the meaning of "non financial" here. What would this mean for a coin like ETH? ETH does not aspire to be anything more than grease for the Ethereum network. Nonetheless, it's now traded on exchanges for BTC, USD, etc. Does its rising value in trade mark it as "financial" for the purposes of this act, in every ETH transaction on the Ethereum network, even though it's not directly intended for financial purposes?