AB 1029: Statements of financial interest: digital financial assets.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

The Political Reform Act of 1974 requires public officials to periodically file a statement of economic interest disclosing the person's investments, interests in real property, and income. The act defines “investment” to mean any financial interest in or security issued by a business entity, including, among other things, stocks and any partnership or other ownership interest owned by the public official or that person's immediate family, as specified. The act specifies that an asset is an investment only if its fair market value equals or exceeds $2,000. The act requires each public agency to adopt a conflict of interest code for designated employees of the agency.

Existing law defines digital financial asset to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, subject to specified exceptions.

This bill, beginning January 1, 2027, would expand the definition of “investment” for purposes of the Political Reform Act of 1974 to include a digital financial asset, and would specifically require public officials to disclose interests in their digital financial assets, as specified. The bill would also require an agency’s conflict of interest code to require designated employees to disclose interests in digital financial assets, as specified.

Existing law makes a knowing or willful violation of the Political Reform Act of 1974 a misdemeanor and subjects offenders to criminal penalties. By including additional assets that must be disclosed by public officials on statements of economic interest, the bill would expand the scope of a crime and impose a state-mandated local program.

The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.

This bill would provide that no reimbursement is required by this act for a specified reason.

Sponsors

Sponsors by party (alphabetical): Democratic 2

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. July 30, 2025Chaptered by Secretary of State - Chapter 85, Statutes of 2025.
2. July 30, 2025Approved by the Governor.
3. July 25, 2025Enrolled and presented to the Governor at 11:30 a.m.
4. July 17, 2025In Assembly. Ordered to Engrossing and Enrolling.
5. July 17, 2025Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 2137.).
6. July 15, 2025Read second time. Ordered to Consent Calendar.
7. July 14, 2025From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.
8. July 1, 2025From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 5. Noes 0.) (July 1). Re-referred to Com. on APPR.
9. June 9, 2025In committee: Hearing postponed by committee.
10. May 21, 2025Referred to Com. on E. & C.A.
11. May 8, 2025In Senate. Read first time. To Com. on RLS. for assignment.
12. May 8, 2025Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 1487.)