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Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
Assembly Bill 1180 aims to allow the Department of Financial Protection and Innovation to create regulations permitting payments required under the Digital Financial Assets Law (DFAL) to be made using digital financial assets and stablecoins. The bill requires the department to report on the implementation of these regulations and to collaborate with the Treasurer and Controller to explore broader use of digital assets within state government. It establishes a sunset date for these provisions.
Key provisions
- Requires the Department of Financial Protection and Innovation to develop regulations allowing payments under the DFAL to be made with digital financial assets and stablecoins.
- Mandates a report to the Legislature by January 1, 2028, detailing the number and value of cryptocurrency stablecoin transactions processed.
- Requires the department to report on technical and regulatory challenges encountered.
- Requires the Treasurer and Controller to submit recommendations for using digital assets in other state government payments.
- Establishes a sunset date of January 1, 2031, for the bill’s provisions.
Who is affected
- Department of Financial Protection and Innovation
- Treasurer
- Controller
- State Government Agencies
- Digital Asset Users
Notable changes
Bill text
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Sponsors
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1 on record
Primary sponsor
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