California Assembly Accepts Cryptocurrency Payments, Bill Heads to Senate – Coincu

The California State Assembly unanimously passed a bill allowing the state government to accept cryptocurrency payments, moving on June 4 to the Senate for consideration.

This move positions California at the forefront of digital currency adoption in government operations, potentially setting a precedent across the United States.

Assembly Bill 1180 Moves Toward Senate Approval

The California Assembly’s recent decision to pass Assembly Bill 1180, led by Avelino Valencia, allows cryptocurrency payments for state financial obligations. Valencia helmed the initiative, emphasizing its strategic importance in modernizing payment systems. As the bill progresses to the Senate, its passage could incorporate cryptocurrency more deeply into state financial structures. Dennis Porter, a notable figure supporting cryptocurrency legislation, welcomed the Assembly’s action as a significant milestone in cryptocurrency acceptance in government transactions.

Based on CoinMarketCap data, Bitcoin’s current price stands at $105,784.21 with a 24-hour trading volume of $45.27 billion, albeit a 0.35% dip in the last 24 hours. Market cap is $2.10 trillion, with dominance at 63.15%, and a 30-day rise of 12.25%. According to the Coincu research team, the California bill could spur similar regulatory trends across other states. They suggest that innovative payment solutions will gradually reshape state government transactions, promoting wider digital currency integration.

This bill serves as a blueprint for potential statewide integration of cryptocurrency payments in California. — Avelino Valencia, Chair of the Assembly Committee on Banking and Finance, State of California.

California’s Cryptocurrency Initiative and Market Implications

Did you know? California’s initiatives in cryptocurrency might shape future legislative frameworks nationwide, echoing historical precedents from states like Kentucky and Texas.

Based on CoinMarketCap data, Bitcoin’s current price stands at $105,784.21 with a 24-hour trading volume of $45.27 billion, albeit a 0.35% dip in the last 24 hours.

According to the Coincu research team, the California bill could spur similar regulatory trends across other states.