The bill known as AB-129 which gives legal tender status to bitcoin and digital currencies moved swiftly from the California Senate committee to Governor Jerry Brown for approval signature into law, Coin Desk reports today.
The bill was started by California assemblyman Roger Dickinson last year when he was the chairman of the Banking and Finance committee. Earlier this year the bill was updated with a repeal of a previous Corporation law known as Section 107 that prevents other forms of money.
Once that hurdle was removed in May, the bill went onto the California Senate. Senate records record that the Senate passed the amended bill on June 19 with a 7-1 vote. On Monday the bill returned to the Assembly floor for a vote and passed 52-11.
The bill is now queued on Governor Brown’s desk awaiting his signature and it will become law. Coin Desk reports that 40 percent of bitcoin professionals are in California with a large concentration in the technology hub of Silicon Valley.
Dickinson had told Coin Desk in March that it was not support of Bitcoin but passing this bill will allow regulators to make certain that various forms of alternative currency are within the guidelines of California law. Merchants and consumers would be protected.
Dickinson’s stated that, “It wasn’t so much setting out to look at the issue of alternative currency; it was more evolutionary.” He viewed the matter that alternative currencies could not be ignored and in the best interest of the California consumers the entire subject matter required the consideration and position within California law for its future.
In California the business community of technology has brought Amazon coins to reality and Starbucks has its Stars. It is time to address the payment habits of Californians which is moving toward mobile and digital fields, according to Dickinson.
In early June CNBC reported that in the San Francisco Bay-area bitcoin start-ups have received more than $200 million in VC funding. Adam Draper, a fourth generation venture capitalist, has been responsible for at least 40 bitcoin startups from his Boost VC program since 2012. He now plans 100 Bitcoin startups within three years and runs a bitcoin boot camp for entrepreneurs. His next Boost VC program begins in July at his San Mateo location.
There is no stopping the growth of bitcoin and other digital currencies. Earlier this year, SnapCard, a product of Boost VC brought taxpayers the ability for payment of your tax bill with bitcoin. Congress has a Robocoin ATM machine in Rayburn Hall in Washington D.C. for Congress and staff to have access to bitcoin. Campaign contributions are acceptable in bitcoin if properly recorded and transferred into the campaign bank account with dollar denomination. Bitcoin has firmly immersed itself within government acceptance.