Plain English Breakdown
The official summary contains crossed-out or alternative dates for reports and effective dates. The final version used here reflects the latest un-crossed numbers (Jan 1, 2029; July 1, 2027; Jan 1, 2032) as they appear in the amended text.
Allowing State Fees to Be Paid with Digital Assets
This law requires the Department of Financial Protection and Innovation, along with state officials, to create rules allowing certain fees under the Digital Financial Assets Law to be paid using digital financial assets or stablecoins.
What This Bill Does
- Requires the Department of Financial Protection and Innovation to work with the Treasurer and Controller to write new regulations.
- These regulations would allow specified payments required by the Digital Financial Assets Law to be made using digital financial assets or stablecoins.
- The department must send a report about these rules to the Legislature on or before January 1, 2029.
- The Treasurer and Controller must also submit a separate report with recommendations to the Legislature on or before January 1, 2028.
Who It Names or Affects
- The Department of Financial Protection and Innovation
- The State Treasurer and State Controller offices
- People applying for licenses under the Digital Financial Assets Law who may pay fees with digital assets
Terms To Know
- Digital financial asset
- A digital form of value used to buy things, measure worth, or save money that is not official government currency.
- Stablecoin
- A type of digital financial asset designed to keep a steady value compared to other currencies.
Limits and Unknowns
- The law becomes effective on July 1, 2027.
- The rules created by this bill will end (sunset) on January 1, 2032.
- Specific details about which fees can be paid with these assets depend on future regulations that have not been written yet.