Bitcoin State: Calderon’s California Dream

Former California Assembly leader, Ian Calderon, a member of the Democratic Party, has announced his intention to run for governor. A key element of his platform is positioning Bitcoin as a central component of California’s economic framework.

In a tweet on Tuesday, Calderon stated, “California has historically been a trailblazer in technology. We need to reclaim that role and establish California as the unequivocal leader in Bitcoin innovation.”

Calderon, a vocal supporter of digital currencies, affirmed in a live online broadcast earlier that day that, if elected, he intends to “ensure that California includes Bitcoin in its treasury holdings” and will support the adoption of cryptocurrency for state-run programs.

In a separate campaign video, Calderon contrasted his position with the current political approaches.

“My generation uses smartphones for payments, sends money through apps like Venmo, and invests in Bitcoin,” Calderon explained. “However, our current government leaders are attempting to address modern challenges with outdated solutions, which is clearly not effective.”

A Bold Vision

Calderon’s proposals are supported by a strong foundation of prior advocacy and engagement.

After leaving the Assembly in 2020 following three terms, Calderon remained involved in policy discussions. This includes collaboration with the Satoshi Action Fund in 2022 to explore legislation that would recognize Bitcoin as legal currency within California. Calderon is also acknowledged as a contributor to a 2020 report by California’s Blockchain Working Group, a body that offered policy guidance on digital assets.

Earlier, in 2018, Calderon sponsored AB 2658, which established California’s Blockchain Working Group. The group’s purpose was to assess blockchain technology’s potential applications, associated risks, advantages, and legal ramifications for both governmental functions and private enterprises, create a legal definition for blockchain, and formulate policy recommendations that could include revisions to existing state laws.

Robert Boris Mofrad, the co-founder of Serenity, a blockchain data storage company, told Decrypt that Calderon’s stance “demonstrates that cryptocurrency is becoming mainstream, as candidates are now openly campaigning on pro-crypto platforms and competing on these issues.”

Mofrad added that it remains to be seen whether this position will be embraced by the general public. “However, it is evident that cryptocurrency is now a significant topic in political discourse, starting at the federal level with discussions about creating a reserve.”

“For California to consider adding Bitcoin to its balance sheet is an exceptionally ambitious and bold step,” Mofrad stated. “The implications are different when considering a state like California, which has the world’s fifth-largest economy.”

He also noted that governments “typically regard Bitcoin as an intangible asset” and “must account for any decreases in its value without necessarily being able to record gains,” which could “make responsible management difficult for a state treasury.”

Cryptocurrency in California

Calderon’s campaign is occurring as California evaluates new cryptocurrency legislation through two major legal bills.

AB 1180 would allow specific state departments to test stablecoin payments for fees starting in 2026. AB 1052 would integrate cryptocurrency into the state’s unclaimed property regulations, requiring inactive custodial accounts to be transferred to the state and kept in their original digital form.

However, neither bill would permit California to directly purchase or possess Bitcoin, setting Calderon’s proposal apart.