TL;DR Breakdown
- Arizona Bitcoin bill aims to make Bitcoin a legal tender in the state
- Arizona State Senator Wendy Rogers (R) hopes to make BTC state’s transactional currency
The past few months saw the USA make big strides in crypto regulations. Some steps were positive while most were aimed at regulating the cryptocurrency market. Now, an Arizona legislator has tabled a bill that aims to give BTC legal currency status at par with fiat currency.
The Arizona Bitcoin bill has been put forward by Senator Wendy Rogers proposes that BTC be considered a legal tender for transactions and be part of the Arizona state’s official state currency. However, states do not have much autonomy when it comes to legalizing currencies since federal law takes precedence in such matters.
Arizona Bitcoin bill seeks to mainstream crypto
The effort by Senator Wendy Rogers in the form of the Arizona Bitcoin bill must be applauded despite there being doubts about its successful passage. The voting is still pending on the bill.
Legal experts believe that the states do not have much say in such matters which can pose a challenge to the bill’s success. As per the Coinage Clause of the Constitution, Congress holds the final say in determining the legal tender status of any currency in circulation in the United States. Thus, even if the Arizona Bitcoin bill is passed, it would be merely symbolic.
Digital assets are yet to be fully defined in terms of currency or ‘type of money’ which makes it difficult to fully comprehend the legal framework surrounding cryptocurrencies.
So, is America’s crypto revolution just around the corner?
To lay a background to the crypto revolution, let’s go back to the 1800s. Back then, many states used ‘state bank notes’ to circumvent the Coinage Clause. However, Congress introduced the National Bank Acts of 1865 and 1866 which all but stopped this regional practice by imposing heavy taxes on state currencies.
Coming back to the question – is this start of a crypto revolution in the state? Not likely. Even if the bill becomes a law, there won’t be a significant overnight jump in BTC usage in Arizona or the USA at large. Moreover, the law won’t make it obligatory for Arizonans to only use BTC for transactions which further limits its possible impact on the American crypto industry.
Despite all the challenges, the one thing the Arizona Bitcoin bill would achieve is increased credibility for the nation’s crypto industry.
Source: https://www.cryptopolitan.com/us-crypto-2022-arizona-bitcoin-bill/