Assemblymember Valencia (D-Anaheim) Advances Three Key Pieces Of Legislation

Sacramento, CA – Today, Assemblymember Valencia (D-Anaheim) had three key pieces of legislation advance out of the Assembly Banking and Finance Committee, moving California closer to a comprehensive framework for the digital economy.

“The digital economy is evolving fast, and California has a responsibility to lead thoughtfully and with accountability,” said Assemblymember Valencia. “Through our efforts today, we are investing in our state's fiscal future, closing the door on anyone who would use public office for personal financial gain, and making sure Californians can access digital financial services through the banks and credit unions they already trust. California deserves a digital economy built on integrity, innovation, and opportunity for all.”

The package includes AB 2409, AB 2285, and AB 2335, three complementary measures that together address public ethics, consumer protection, and state fiscal strategy in the rapidly growing digital asset space.

Canceling Crypto Corruption Act
AB 2409 prohibits California public officials from issuing meme coins and bars digital asset exchanges from listing any meme coin that uses the likeness or image of a public official. As the digital asset space grows, California is acting proactively to close a loophole that bad actors could exploit to influence government decision-making while circumventing existing financial disclosure requirements.

Digital Asset Banking Services Act
AB 2285 gives state-chartered banks and credit unions the tools to offer digital asset services while establishing a consumer protection framework for modern banking. AB 2285 ensures Californians can access digital financial services through trusted, regulated financial institutions.

California Digital Asset Reserve Fund
AB 2335 establishes a Digital Asset Reserve Fund to strategically invest digital assets held through the state's unclaimed property program and generate new returns for the state. A governing board of public investment managers and industry experts would oversee the fund, with the Legislature authorized to transfer up to 10% into the General Fund during times of economic uncertainty.

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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 & Finance Committee.