The California state assembly has passed a bill that will allow crypto payments to be made to state agencies. The bill has been approved by the lower house and is on its way to the Senate for consideration, as reported by Cointelegraph.
Referred to as Assembly Bill 1180 or AB1180, the bill was approved on the Assembly Floor with a vote of 68-0 on its third reading, according to Bitcoin Laws. If passed into legislation, the bill would require the Department of Financial Protection and Innovation (DFPI) to create a set of rules that would allow payments to be made in crypto under the Digital Financial Assets Law (DFAL). This would be done by amending the DFAL.
The Digital Financial Assets Law is responsible for regulating digital financial asset business activity and prohibiting individuals from engaging in digital financial asset business activity unless they are licensed by the DFAL, according to California Legislative Information.
If passed, the bill would also require the Department of Financial Protection and Innovation to submit a report to the legislature on the specified regulations on or before January 1st, 2028. The report is expected to contain the number and value of cryptocurrency transactions processed, technical and regulatory challenges encountered, and recommendations for payments under other laws and to other state government agencies through digital financial assets.
