California's Crypto Revolution: State Assembly Unanimously Passes Bill to Accept Digital Currencies

Assembly Bill 1180 Advances to Senate, Aims to Modernize State Payments

Holy blockchain, California! The State Assembly just dropped a bombshell on June 2, passing Assembly Bill 1180 (AB 1180) with a mind-blowing 68-0 vote. This game-changer, spearheaded by the visionary Assembly member Avelino Valencia, is now sprinting towards the State Senate, ready to shake things up!

If this bill gets the green light, it's going to flip the script on how California handles its cash flow. The Department of Financial Protection and Innovation (DFPI) will be tasked with crafting some slick new rules, allowing state fees and transactions under the Digital Financial Assets Law (DFAL) to be settled in digital currencies. Talk about a digital revolution!

But wait, there's more! AB 1180 is cooking up a pilot program that'll run until Jan. 1, 2031. If Governor Gavin Newsom gives it the nod, full implementation will kick off on July 1, 2026. Buckle up, because we're in for a wild ride!

And the DFPI? They're not just along for the ride. They'll be keeping a close eye on things, reporting back by Jan. 1, 2028, with all the juicy details on the number and types of crypto transactions, plus any tech or regulatory hiccups they encounter. Transparency, baby!

Now, let's talk about what counts as a digital financial asset under DFAL. We're looking at any digital representation of value that's used as a medium of exchange but isn't your run-of-the-mill legal tender. Think Bitcoin, Ethereum, and all their crypto cousins!

With AB 1180, California is ready to join the crypto party, following in the footsteps of trailblazers like Florida, Colorado, and Louisiana. These states are already letting crypto flow for certain government services. It's time for the Golden State to shine!

Before making it through the Assembly, AB 1180 went through some serious edits. One major change? They axed the stuff about ride-sharing companies and personal vehicles used for transport services. Now, it's all about those digital asset transactions under DFAL. Laser focus, people!

But that's not all. AB 1180 is teaming up with AB 1052, another crypto-centric bill from Valencia. This dynamic duo aims to protect the use of digital assets in private deals and cement the right to crypto self-custody. It's a one-two punch for crypto freedom!

AB 1052 is already making waves, passing an Assembly committee with an 11-0 vote on May 23. It's now gearing up for its third reading. If it passes, it'll stop public entities from throwing shade at digital assets just because they're used as payment. No more unfair restrictions or taxes!

And there's more where that came from. AB 1052 is also putting the brakes on state and local governments trying to limit hardware or self-hosted wallets. Plus, it's got provisions for unclaimed digital property and public officials' crypto involvement. It's a full-on crypto protection package!

California's crypto fever is reaching new heights, with political heavyweights like state Senator Ben Allen pushing for pro-crypto representation. The winds of change are blowing, and they're bringing digital assets along for the ride!

And guess what? The people are on board, too. A February poll commissioned by Coinbase found that a whopping four out of five crypto holders in the state would vote for candidates who are all about that pro-crypto life. The crypto revolution is coming, and California is leading the charge!