The person who is principally responsible for the introduction of various legislation relating to cryptocurrencies is Senator Wendy Rogers of Arizona, who was elected to represent the state of Arizona in the United States Senate. One of these laws offers a proposal that, within the borders of the state of Arizona, would recognise bitcoin (BTC) as a recognised form of legal money that may be utilised. There are now a number of legislation that deal with the regulation of alternative cryptocurrencies that are making their way through the legislative process.
In a tweet that she published not too long ago, Rogers revealed that she was involved in the distribution of a batch of bitcoin banknotes. This information was made public. In addition to this, she referenced research that was carried out by the illustrious financial organisation Goldman Sachs, which reveals that Bitcoin is the asset that has performed the best in each and every location of the globe. According to these figures, Bitcoin seems to be the asset that has done the best anywhere else in the globe.
If one of the procedures that have been stated above is followed out, there is a possibility that Bitcoin (BTC) may be recognised as a legal form of money in the state of the United States. This acceptance might come as soon as 2019. Bitcoin will be given the same status as the United States dollar and will become a mode of exchange that is acceptable for the payment of debts, public charges, taxes, and dues in the state if the measure is ultimately enacted into law. This is provided that the measure is ultimately enacted into law. In the future, the value of one bitcoin will be equivalent to that of one dollar in the United States. Things will play out just like this in the event that the plan is finally converted into legislation.
An Arizona state senator has proposed two more pro-crypto bills.
The first bill aims to allow state agencies to accept cryptocurrencies as payment for various financial obligations.
The second bill seeks to exclude all virtual currencies from tax obligations in Arizona.
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Arizona state senator Wendy Rogers has proposed two more crypto-focused bills. The proposals argue for tax exemption for virtual currencies and the ability to pay state agencies in cryptocurrency.
Rogers Submits More Crypto Bills
A state senator wants to make Arizona the most crypto-friendly state.
Wendy Rogers, a Republican member of the Arizona Senate, has proposed two more pro-crypto bills.
The first bill, SB 1127, proposes that state agencies provide methods to accept cryptocurrencies to pay fines, civil penalties, rent, rates, taxes, fees, or other financial obligations due to the state. If passed in the Arizona Senate, the bill would become effective after Dec. 31, 2022.
The new filing builds on a previous bill passed in 2018, allowing Arizona residents to pay income taxes using Bitcoin or other cryptocurrencies recognized by the state’s revenue authorities.
The second bill, numbered SB 1128, seeks to amend the legislature of Arizona by adding a tax exemption for all virtual currencies. The filing defines virtual currency as “a means of digital representation of value, other than a representation of the United States dollar or a foreign currency, that functions as a unit of account, a store of value or medium of exchange.”
Section two of the bill covers the conditional enactment of the proposal. It states that the bill will go to a vote at the next general election, meaning that Arizona residents will likely have the chance to vote on tax exemption for cryptocurrencies in 2024.
These two bills are not the first crypto-friendly proposals submitted to the Arizona Senate this week. On Friday, Rogers also submitted a bill aiming to make Bitcoin legal tender in Arizona. However, many have pointed out that such a bill is unlikely to succeed, as the U.S. Constitution explicitly prohibits states from declaring assets legal tender except gold or silver coins.
Rogers appears to be a long-standing supporter of cryptocurrencies. In April 2021, she voted in favor of a bill to establish a Cryptocurrency study committee, and has declared she wants Arizona to be the most crypto-friendly state in the nation.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
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A Republican state senator wants to make Bitcoin (BTC) legal tender in Arizona.
Arizona Sixth Legislative District Representative Wendy Rogers has introduced a flurry of crypto-related bills in the past few weeks, including one that would add BTC to the state’s list of things defined as legal tender.
Rogers also introduced a bill that would allow the state government, as well as the governments of any county, city, town and school district in Arizona, to pay employees in virtual currency if they request it.
A third Rogers bill would ban any governmental body in the state from prohibiting people from using mutually agreed on mediums of exchange, including digital currencies. A fourth would ban cities and towns from imposing taxes or fees on “the use of blockchain technology by any person or entity.” A fifth would exempt virtual currency from property taxes.
Rogers’ district encompasses parts of Coconino, Yavapai, Navajo and Gila counties in central and Northern Arizona.
In September of last year, El Salvador became the world’s first nation to recognize Bitcoin as an official currency.
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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.
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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.
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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.
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To assist learners in documenting their competencies and skills across their entire academic journeys, Arizona State University (ASU) is going a notch higher by deploying a blockchain-based technology technical stack enterprise infrastructure.
This approach was necessitated because the university thought out of the box on how graduates showcase verifiable competencies and skills to potential employers beyond a transcript.
Timothy Summers, executive director of product development at ASU, stated that technology-based solutions were necessitated in the institution because resumes and transcripts do not entirely show a student’s entire skillset.
On the other hand, Annie Davis, ASU’s public relations and editorial manager, pointed out that conventional documentation hinders a smooth transition between institutions because academic information is needed beyond future employment.
Davis noted:
“A third of our college students are actually going to be transferring credentials from one institution to another when they’re seeking their degree.”
With the help of open-source technology architects, the university uses cutting-edge technology like data analytics when reporting a student’s success in real-time.
Given that students’ demographics are changing, ASU deploys a blockchain-based application called Pocket that maps a learner’s journey beyond graduation.
Summers stated:
“Pocket is a digital wallet and portfolio that empowers learners to capture the evidence of their learning, no matter the format.”
Therefore, blockchain technology is deemed a game-changer when it comes to digitising records in the education sector.
The U.S. Department of Education has been at the forefront of asking universities to become innovative when handling digital learning records to boost student mobility. Moreover, students rely on online and hybrid options to enhance their career and learning journeys.
Meanwhile, Chengdu, the capital city of China’s Sichuan province, revealedplans to use blockchain applications for smart education.
