Along with a coalition of organizations and currency supporters across California, Sustainable Economies Law Center has advocated to remove California Corporations Code Section 107, which states "[n]o corporation, flexible purpose corporation, association or individual shall issue or put in circulation, as money, anything but the lawful money of the United States."
In June 2014, California took a significant step toward further legitimizing the creation and circulation of community currencies and other innovative means of exchange with the California Alternative Currencies Act (AB 129). Signed into law by Gov. Brown, AB 129 repeals the outdated and vague Section 107 of the California Corporations Code, thus removing a significant legal barrier to the continued growth of the community currencies movement.
SELC's Community Currencies Advocacy
Gov. Brown approves California Alternative Currencies Act
SELC's policy memo on Corporations Code 107
SELC's original proposal to remove California Corporations Code Section 107