Bill > AB1180

This bill would require the Department of Financial Protection and Innovation (DFPI), in consultation with the Treasurer and Controller, to develop regulations allowing certain state payments to be made using stablecoins, which are digital financial assets that maintain a stable value, typically by being pegged to a traditional currency like the US dollar. Specifically, the bill limits stablecoin payments to those made by applicants or licensees to the department, and excludes payments related to enforcement actions. The regulations cannot allow stablecoin payments that would interfere with existing government financial code requirements. By January 1, 2029, the DFPI must submit a report to the Legislature detailing the number and value of stablecoin transactions, as well as any technical and regulatory challenges encountered. Additionally, by January 1, 2028, the Treasurer and Controller must submit recommendations for expanding stablecoin payments to other state government agencies. The bill will become operative on July 1, 2027, and will sunset on January 1, 2032, meaning the provisions will automatically expire at that time. The department's costs for implementing these regulations will be recovered through existing fee structures.

Budget and Finance, Business and Industry, Justice, Transportation and Infrastructure

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1180