The California State Legislature unanimously passed the Bitcoin State Government Payment Bill.
On June 3, the California legislature passed AB 1180 with an overwhelming vote of 78 to 0, allowing state government agencies to accept payments for regulatory fees in digital assets such as Bitcoin.
The bill proposed by Democratic Congressman Valencia has now been submitted to the Senate for review. If passed, California will become the fourth state in the United States to accept cryptocurrency payments, following Colorado, Utah, and Louisiana.
According to the bill design, California's cryptocurrency payment program will be implemented as a five-year pilot (2026 to 2031), overseen by the Department of Financial Protection and Innovation (DFPI) to establish the payment system.
The core of the plan is to balance innovation and risk by avoiding volatility through instant cryptocurrency to USD exchanges, and it plans to complete cost and risk assessments by 2028 to analyze operational costs and potential risks.
At the same time, payment processors such as BitPay will also be allowed to participate in the bidding, and following the model of Colorado, a service fee of "1 dollar plus 1.83%" will be charged for each transaction.
It is worth noting that California, as the headquarters of blockchain giants like Ripple and Solana Labs, views this move as a policy support for local enterprises, with Senator Valencia stating that it will serve as a blueprint for the integration of digital assets across the state.
Meanwhile, Valencia is advancing AB 1052 "Bitcoin Rights Bill" aimed at incorporating protections for self-custody, node operation, and peer-to-peer transactions into state law, and it has received backing from the Satoshi Action Fund.
However, despite numerous positive news, controversies remain. Consumer protection organizations and financial regulators still express doubts about the energy consumption and volatility of cryptocurrencies. Some lawmakers have hinted that additional measures such as a cap on fees and refund mechanisms are expected to be added during the Senate's review to address these potential risks.
In summary, every step in California is a struggle, as it must maintain its position as an innovation hub while also preventing financial risks.
If the bill is enacted, California, an economy with 14% of GDP in the United States, is expected to be a key force in promoting the development of public applications of cryptocurrencies. As Proposer Valencia put it, "California shouldn't just be a follower. ”
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The California State Legislature unanimously passed the Bitcoin State Government Payment Bill.
On June 3, the California legislature passed AB 1180 with an overwhelming vote of 78 to 0, allowing state government agencies to accept payments for regulatory fees in digital assets such as Bitcoin.
The bill proposed by Democratic Congressman Valencia has now been submitted to the Senate for review. If passed, California will become the fourth state in the United States to accept cryptocurrency payments, following Colorado, Utah, and Louisiana.
According to the bill design, California's cryptocurrency payment program will be implemented as a five-year pilot (2026 to 2031), overseen by the Department of Financial Protection and Innovation (DFPI) to establish the payment system.
The core of the plan is to balance innovation and risk by avoiding volatility through instant cryptocurrency to USD exchanges, and it plans to complete cost and risk assessments by 2028 to analyze operational costs and potential risks.
At the same time, payment processors such as BitPay will also be allowed to participate in the bidding, and following the model of Colorado, a service fee of "1 dollar plus 1.83%" will be charged for each transaction.
It is worth noting that California, as the headquarters of blockchain giants like Ripple and Solana Labs, views this move as a policy support for local enterprises, with Senator Valencia stating that it will serve as a blueprint for the integration of digital assets across the state.
Meanwhile, Valencia is advancing AB 1052 "Bitcoin Rights Bill" aimed at incorporating protections for self-custody, node operation, and peer-to-peer transactions into state law, and it has received backing from the Satoshi Action Fund.
However, despite numerous positive news, controversies remain. Consumer protection organizations and financial regulators still express doubts about the energy consumption and volatility of cryptocurrencies. Some lawmakers have hinted that additional measures such as a cap on fees and refund mechanisms are expected to be added during the Senate's review to address these potential risks.
In summary, every step in California is a struggle, as it must maintain its position as an innovation hub while also preventing financial risks.
If the bill is enacted, California, an economy with 14% of GDP in the United States, is expected to be a key force in promoting the development of public applications of cryptocurrencies. As Proposer Valencia put it, "California shouldn't just be a follower. ”
#加州加密货币法案 # Bitcoin payment