- Arizona senator pushes to recognize Bitcoin as legal tender
- The bill specifically defines bitcoin as a decentralized, peer-to-peer digital currency
- If the proposed legislation is successful, Arizona will become the first state in the United States to recognize Bitcoin as a legal currency officially
Arizona State Senator Wendy Rogers has advocated for a bill introducing Bitcoin (BTC) as a legal tender in Grand Canyon State.
Senator Rogers, a Republican and renowned fanatic supporter of former U.S. President Donald Trump, presented the proposal to amend the definition of legal tender on January 25. From her proposal, she wants the purpose revised in the state’s statutes to include the king crypto, Bitcoin.
The bill was presented as one of a cluster of changes proposed by the State Senator, including a separate bill barring local authorities from taxing the use of blockchain technology. Senator Rogers supported her proposal with a Twitter post, citing a recent report by banking giant Goldman Sachs indicating that Bitcoin is the best-performing asset in 2023.
“Breaking: Bitcoin is the best-performing asset in the world this year, according to data from Goldman Sachs. “
She also told her 306.7K Twitter followers that she had launched her crypto bills and Photo Radar Prohibition, which included nearly all her Republican senator colleagues as cosponsors.
Notably, another proposal pushes for state agencies to accept crypto as a payment method for fines, rents, taxes, or any other charges that need to be collected.
Uncertainty Of Passing The Bill
Whether the bill will pass remains determined because the U.S. Constitution does not permit individual states to develop their legal tender. It is worth mentioning that the contents of Senator Roger’s bill referred to Bitcoin’s ability to serve independently from central bank interference. A paragraph in the proposal read:
“The decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain, and new units of currency are generated by the computational solution of mathematical problems, and that operates independently of a central bank.”
Series Two Of The Arizona and Bitcoin Headline
Senator Rogers, a self-proclaimed member of the far-right militia group christened the ‘Oath Keepers,’ has made attempts to make Bitcoin a legal tender in the past, also when she presented a similar bill almost one year ago. Nevertheless, while the proposal was not adopted, her Republican colleagues Jeff Weninger and J.D. Mesnard cosponsored those bills.
Senator Rogers is also on social media record expressing her disapproval of central bank digital currencies (CBDCs), saying, “Centralized digital money controlled by the central bankers is slavery. Decentralized Bitcoin is freedom.”
Supposing all of Rogers’ party members back the bill, it could be approved without Democratic support. This is because Republicans form the majority in the state senate, beating the Democrats by a narrow margin. If the bill were approved, Arizona would become the first U.O.S. state to give the largest crypto the same legal status and accreditation that the dollar (USD) enjoys.
With this attempt, the State of Arizona features among the few places in the world that have taken a step toward making Bitcoin an officially accepted currency. It comes after El Salvador, the first country to make a move in 2021 before the Central African Republic followed suit in 2022.
In a late January statement, Coinbase C.E.O. Brian Armstrong hinted that Brazil and Argentina could consider using Bitcoin as a legal tender, citing their move to create a common currency. In his response to a Twitter post by user @WholeMarsBlog, Armstrong said:
“Wonder if they would consider moving to Bitcoin – that would probably be the right long-term bet.”
Cryptocurrencies Becoming A Common Theme Among U.S. Senators
Besides Arizona’s Rogers, other U.S. Senators have also been vocal about crypto. One such citing is Senator Wendy, with Senators Sonny Borelli and Justine Wadsack, who presented new legislation suggesting that voters be allowed to decide in 2024 whether crypto should be exempted from taxes. The proposal came because public debts, select household goods, and all federal, state, country, and municipal property are currently exempted from taxes in the United States.
Senators pushing to introduce these bills highlight a growing interest among lawmakers for cryptocurrencies. Most importantly, it comes during a time when there is renewed debate concerning the sector’s regulations, with the U.S. Congress having several pending bills meant to regulate cryptocurrencies.
