Arizona Bill Aims to Make Bitcoin Legal Tender

HomeLaw - Legal

Arizona Bill Aims to Make Bitcoin Legal Tender

my-portfolio

The bill, however, may face trouble on constitutional grounds. Key Takeaways A bill recently put forward in Arizona aims to turn Bitcoin into a form o

Malawi: Fans Cheer Football Team Upon Return From Afcon Games
What Can You Do If Your Spouse Is Not Interested in a Divorce?
Lawyers withdraw in case of 11 fraud suspects arrested in Limpopo land dispute

The bill, however, may face trouble on constitutional grounds.

Key Takeaways

  • A bill recently put forward in Arizona aims to turn Bitcoin into a form of legal tender within the state.
  • The bill is unlikely to succeed, as the U.S. constitution seemingly prevents states from declaring assets legal tender.
  • The bill was put forward by Senator Wendy Rogers, a politician recently placed at the top of an extremist rhetoric list.

An Arizona senator has put forward a bill that aims to turn Bitcoin into legal tender in the state.

Bill Intends to Amend Arizona Statues

The one-page filing, numbered SB1341, would amend Arizona Revised Statutes to include Bitcoin as a form of legal tender.

The filing mentions Bitcoin specifically without referring to other cryptocurrencies, calling it the “decentralized peer-to-peer digital currency…maintained on the Bitcoin blockchain.”

It also draws attention to Bitcoin mining, noting that “new units … are generated by the computational solution of mathematical problems” and notes that Bitcoin works apart from central banks.

In the section of the amendment listing types of legal tender, Bitcoin is listed fourth. Existing types of legal tender include any medium of exchange authorized for debt payments, coins issued by the government, and other types of coins with precious metal content.

Bill Unlikely to Succeed

Some have suggested that the bill is unlikely to succeed for legal reasons. Article I, Section 10, Clause 1 of the U.S. Constitution explicitly prohibits states from declaring assets legal tender except gold or silver coin: “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts,” the document reads.

In addition to possible legal issues, the reputation of the senator behind the bill could trouble its passage. The bill was put forward by Senator Wendy Rogers, a far-right politician recently placed at the top of an extremist rhetoric list. As such, the bill may not gain large support given her other fringe views.

More broadly, the United States does not consider Bitcoin legal tender. The IRS considers Bitcoin and other cryptocurrencies a “medium of exchange, a unit of account, and/or a store of value…[that] does not have legal tender status in any jurisdiction.”

Outside of the United States, El Salvador became the first country to adopt Bitcoin as legal tender in September 2021. It is unclear if Rogers’ proposal was motivated by this decision.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

El Salvador Passes Vote to Adopt Bitcoin as Legal Tender

A significant majority of El Salvador’s Legislative Assembly has approved the Bitcoin Law proposed by President Nayib Bukele. El Salvador Passes Historic Bill El Salvador has become the first country…

Audience Survey Win A $360 Subscription To Pro BTC Trader

Answer the questions below and share your email for a chance to win. Every month, 5 people will receive a $360 1-year subscription to Pro BTC Trader. Free. We’re doing…

IMF Tells El Salvador to Drop Bitcoin as Legal Tender


News


Directors at the International Monetary Fund have recommended that El Salvador drop Bitcoin’s status as legal tender. IMF Advises Against Bitcoin as Legal Tender According to a press release published…

Following El Salvador, Tongan Parliament May Consider Bitcoin As Legal…


News


A politician in Tonga is striving to draft a bill to make bitcoin legal tender in Tonga. Tonga May Follow El Salvador in Bitcoin Adoption Tongan MP Lord Fusitu’a is…

Read More

COMMENTS

WORDPRESS: 0
DISQUS: