California Governor Grants Bitcoin 'Legal Money' Status

California Governor Jerry Brown has signed a measure that sought to grant bitcoin 'legal money' status into law.

AccessTimeIconJun 29, 2014 at 1:20 p.m. UTC
Updated Aug 18, 2021 at 3:07 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The 39th Governor of California Jerry Brown has officially signed Assembly Bill 129, the measure that sought to grant bitcoin and other digital currencies 'legal money' status, into law, Reuters reports.

The news comes just weeks after the approval of the final amended version of the bill earlier this month through key votes in both the California Assembly and Senate.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • AB-129, which first received approval in the California Assembly earlier this February, sought to update a California law under which alternative forms of value such as rewards points, coupons and digital currencies were technically being used in violation of the law.

    Though digital currencies were not targeted for violating the law, such rules could have been used to stem the technology's growth in the area that is home to 40% of all bitcoin jobs in the US.

    However, as noted by Roger Dickinson, the California assembly member who introduced the bill, AB-129 does not regulate bitcoin in California, a matter that will be left up to other authorities.

    In an interview with CoinDesk in March, Dickinson summed up the intent of the bill, saying:

    "We’re trying to say that to the extent that alternative currencies are developed and in use, we will consider that to be a legally acceptable activity in California."

    With AB-129 now law, California bitcoin enthusiasts will need to wait for a forthcoming decision from the California Department of Business Oversight (DBO), which issued a warning on digital currencies in April.

    For more on how that agency will play a role in deciding the future of bitcoin in California, read our full interview with Dickinson.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.