Bill > AB1029

This bill aims to expand the definition of "investment" in the Political Reform Act of 1974 to include digital financial assets, requiring public officials to disclose their interests in these assets beginning January 1, 2027. Specifically, the bill mandates that public officials must now report digital financial assets (such as cryptocurrencies) on their statements of economic interest if the asset's fair market value is $2,000 or more. The bill requires each public agency to update its conflict of interest code to include digital financial assets as a reportable investment, ensuring that designated employees disclose these assets when they may materially affect their official decisions. By expanding the disclosure requirements, the bill aims to increase transparency in public officials' financial interests, particularly in the emerging digital asset landscape. The bill also allows for a multiagency filing option that now includes digital financial assets, making it easier for officials who serve multiple agencies to comply with reporting requirements. Notably, the bill considers this an amendment to further the purposes of the Political Reform Act, which requires a two-thirds vote in each legislative house. The bill does not require state reimbursement for local agencies since it primarily relates to modifying reporting requirements for potential conflicts of interest.

Budget and Finance, Government Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1029