A bill that would create a regulating body for bitcoin companies in California is moving forward in the state senate.

The California State Appropriations Committee advanced AB-1326 in a 6-1 vote last Aug. 27. Only Republican Sen. Jim Nielsen casted the dissenting vote, CoinDesk reported. The bill had its second reading last Monday, while a third reading has yet to be scheduled.

AB-1326, introduced by Assemblyman Matt Dababneh in February, sought to have virtual currency companies regulated just like banks. If the bill passed, bitcoin businesses in California will be required to get a license—renewable every year—from the Department of Business Oversight.

Under California’s general financial code, companies applying for license will have to pay a non-refundable fee of $5,000 to register; provide the business’s identifying information; and keep a specified amount of funds in “investment-grade permissible investments,” such as money market funds, state bonds and U.S. government agency securities. Virtual currencies are not allowed.