SF2768

Purpose of the Bill

The bill aims to enhance transparency in campaign finance by requiring the disclosure of virtual currency holdings and transactions in the Statement of Economic Interest for public officials.

Main Provisions

• Disclosure Requirement: Individuals filing a Statement of Economic Interest must report any virtual currency holdings with a value exceeding $10,000. They must also disclose the dates and values of any purchases or sales of virtual currency during the reporting period, regardless of the transaction amount.
• Current Disclosure Items: The bill maintains existing requirements to list personal information, business associations, real estate interests, investments related to horse racing, business income categories, securities, and government contracts.
• Technical Amendments: Renumbers the list of disclosure items and makes necessary adjustments to accommodate the inclusion of virtual currency.

Significant Changes to Existing Law

• Addition of Virtual Currency: The bill adds virtual currency as a new category that must be disclosed if its value exceeds $10,000, marking a significant update to existing financial disclosure regulations that did not explicitly require this information.

Relevant Terms

• Virtual currency
• Economic interest
• Campaign finance
• Disclosure
• Public officials