- Eric Lopez
- Communications Director
- (916) 319-2068
- eric.lopez@asm.ca.gov
SACRAMENTO, CA – Assemblymember Avelino Valencia (D-Anaheim) has introduced Assembly Bill (AB) 1029, a measure that aims to close a gap in financial disclosure laws by requiring public officials to disclose cryptocurrency holdings exceeding $2,000.
"In true California spirit, we are leading the way in integrating digital currencies into our daily lives, but our financial disclosure laws need to evolve to keep pace with emerging technologies,” said Assemblymember Valencia. “AB 1029 ensures that cryptocurrency investments are held to the same transparency standards as traditional financial assets, helping to prevent potential conflicts of interest and maintain public trust in government.”
Under the Political Reform Act of 1974, public officials are currently required to disclose investments, real property interests, and sources of income in their Form 700s. However, cryptocurrency assets are not included in the definition of “investments,” creating a significant gap in financial disclosure laws. This loophole raises concerns about undisclosed conflicts of interest that could impact statutory decisions and public policy.
Assembly Bill 1029 addresses this issue by requiring public officials to disclose cryptocurrency holdings, aligning them with existing reporting requirements for stocks and other financial assets. By closing this loophole, AB 1029 promotes ethical governance, prevents potential financial manipulation, and prioritizes transparency and accountability in public service.
“The FPPC is proud to partner with Assemblymember Avelino Valencia to increase transparency in the political process,” said Chair Adam E. Silver. “AB 1029 ensures public officials put the interests of Californians first and reinforces our commitment to holding public officials accountable,” concluded Chair Silver.
Assembly Bill 1029 is pending a hearing in the Assembly.
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Assemblymember Valencia proudly represents the 68th Assembly district which includes the cities of Anaheim, Orange and Santa Ana. Valencia chairs the Assembly Banking and Finance Committee.