- In 2022, Senator Rogers introduced a bill to make Bitcoin a legal tender in Arizona but it did not get the desired traction.
- The proposed bill to make Bitcoin a legal tender has detailed how the state of Arizona will interact with crypto exchanges and other interested entities.
United States senator from Arizona, Wendy Rogers, has introduced a bill intended to make Bitcoin (BTC) a legal tender within the state. The proposed legislation would allow the people of Arizona to use Bitcoin to pay off taxes, debt, and other purchases. If passed, the state of Arizona could become the third after El Salvador, and the Central African Republic to adopt the largest digital asset as legal tender.
The announcement comes as Bitcoin price struggles to push beyond $23k after a mild rally in the past three weeks. Notably, this is the second time that Senator Rogers has introduced a similar bill. In 2022, Senator Rogers introduced a bill to make Bitcoin a legal tender in Arizona but it did not get the desired traction.
Closer Look at Proposed Legislation to Make Bitcoin a Legal Tender in Arizona
The proposed bill to make Bitcoin a legal tender has detailed how the state of Arizona will interact with crypto exchanges and other interested entities. Furthermore, the implosion of FTX and Alameda has increased the need for clear regulations in the crypto market for future growth prospects.
The proposed bill has recognized Bitcoin as a digital asset with value derived from global decentralization and rarity capped at 21 million. The bill reads.
Bitcoin is 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,
The bill will need to get majority backing for the state of Arizona to recognize Bitcoin as a legal tender. As such, the republican senator may need to rally more support even from the other side of the political aisle.
According to Roger, Bitcoin has outperformed all assets despite the increased inflation and looming recession.
Notably, the proposed bill has widely protected Bitcoin miners and individuals running blockchain nodes from paying taxes.
A city or town may not prohibit or otherwise restrict an individual from running a node on blockchain technology in a residence” or “impose a tax or fee on the use of blockchain technology by any person or entity.
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Bigger Picture
Should the bill go through, the biggest beneficiary will be Bitcoin price and utility altcoins. Furthermore, more mainstream users will enter the Bitcoin market from Arizona. Additionally, more investors will seek crypto exposure through altcoins that post higher volatility than Bitcoin.
Meanwhile, Bitcoin price will try to push beyond $23k to fully invalidate the 2022 bear market.
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