• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
crypto bills

Arizona Senator Submits Two More Crypto Bills – What Are They?

Christian Encila by Christian Encila
2 years ago
in Crypto News
0

Senator Wendy Rogers is setting her sights to turn Arizona into the most crypto-friendly state in the United States, as she submits two more crypto bills on Tuesday. 

This isn’t the first crypto-related proposal to increase crypto’s utility incrementally in the Grand Canyon state. Last Friday, Rogers already submitted a bill aiming to make bitcoin legal tender in the state. 

This bill has since garnered many critics, for the U.S. Constitution explicitly hinders individual states from declaring assets legal tender.

Related Reading | Bitcoin Mining Revenue Plummets To 6-month Low Amid Downtrend

Rogers has long been a firm advocate of cryptocurrencies. In April last year, she favored a bill to create a study committee on said digital assets, and has even stated publicly her intent of pushing for the legalization of these bills.

What Are The Two New Crypto Bills?

The two new bills are respectively SB1127 and SB1128. 

SB1127 seeks to amend Section 1, Title 35, Chapter 1, Article 3 of the Arizona Revised Statutes, which proposes that an agency must be allowed to enter into an agreement to receive payments for certain obligations.

It builds on the foundation of  a 2018 bill that permits residents to pay income taxes using Bitcoin or other specific cryptocurrencies accepted by the state authorities.

crypto total market cap chart from TradingView.com

Crypto total market cap at $1.69 trillion | Source: Crypto Total Market Cap on TradingView.com

If enacted, payments and payouts that are currently done in U.S. dollars in Arizona could be dealt with using bitcoin. For instance, employees could opt to receive their salaries directly using crypto and businesses would be free to use digital currency for other financial transactions.

Meanwhile, the second bill, SB1128, aims for tax exemption for “virtual currency.” The filing defines crypto as a digital representation of value that isn’t fiat money and is a unit of account, store of value, or a medium of exchange.

If enacted, it will allow payments to be made using bitcoin, Litecoin, Ethereum, and BitcoinCash, among other cryptos.

Legal And political Hurdles

Despite being backed by some crypto advocates and companies in Arizona, both bills are subject to many legal and political impediments.

Supporters of the current banking system have raised their criticism towards the proposal as it allegedly would disturb the current system. 

“I see this as much more of a stunt than genuine shakeup,” stated Rohan Grey, research director of the Digital Fiat Currency Institute, in an interview with Politico.

According to critics, replacing national currencies with privately issued and open-source cryptocurrencies would be a hindrance to the government’s way of regulating the economy. Moreover, the status of the dollar as the world’s reserve currency would also be disrupted.

Related Reading | New Report Disproves Widely Held Assumptions About The Impact Of Bitcoin Mining

Still, Arizona, along with other states are forwarding the alternative currency. For instance, Wyoming is the most extensive when it comes to the legalization of cryptocurrency among all U.S. states.

The Wyoming bill, supported by big companies and the commercial bank veterans, have pushed for the application of crypto on sales and use taxes. 

 “We are looking for alternative currencies to compete with the U.S. dollar,” said Zhou Xiaomeng of American CryptoFed.

Meanwhile, as of this writing, Bitcoin is priced at 38,413.50USD/1 BTC. This is a −334.60 (0.86%) fall out for the last 24 hours.

Featured image from Euronews, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

FCA

Former FCA Chief Alleges Political Pressure To Welcome Crypto Firms

42 mins ago
Crypto

Crypto Fraud Scheme Lands Deutsche Bank Executive With 30-Year Sentence

8 hours ago
Ernest & Young blockchain ethereum

Ernest & Young Official Backs Ethereum, Thinks Private Chains Don’t Stand A Chance

11 hours ago
Crypto Assets

South Korean Taxpayers Report Overseas Crypto Assets Worth Nearly $100 Billion

16 hours ago
Cross-chain

How Cross-Chain Bridges Facilitate Dirty Money For Crypto Criminals

17 hours ago
SEC

SEC Readies Whip: More Crypto Exchanges On The Radar, Official Warns

20 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Mark Cuban’s $870K Crypto Nightmare: Could This...

    41 mins ago
  • Chainlink (LINK) and Monero (XMR) Start Their Comeback, and...

    41 mins ago
  • VeChain (VET), Avalanche (AVAX), Polkadot (DOT) Enter...

    5 hours ago
  • Litecoin (LTC), Bitcoin (BTC), and Chainlink (LINK)...

    5 hours ago
  • Is Bitcoin still a good choice for investing? – New...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.