Even though in the past year, Bitcoins price declined from it’s all-time high; some people still have faith in the future of cryptocurrencies. A member of the oath keepers, Arizona State Senator Wendy Rogers, has proposed several amendments, including a regulation to make the popular cryptocurrency Bitcoin legal tender in Arizona and is well known as an enthusiastic supporter of former President Donald Trump.
Wendy Rogers, a Republican, presented legislation on January 25 2023, titled SB 1235, which is part of other proposals that would make agencies in Arizona accept cryptocurrencies as a payment method for collecting rent, taxes and fines. If the proposed law is passed, it will make Arizona the first state in the United States to recognise Bitcoin as a legal currency. Senator Rogers also supports another regulation that aims to prevent the state rulers from taxing the use of blockchain – the technology behind Bitcoin.
Shortly after submitting her bundle of bills, Rogers wrote on Twitter, “Breaking: #Bitcoin is the best-performing asset in the world this year, according to data from Goldman Sachs.” In the tweet, Rogers stated that she launched her crypto bills and Photo Radar Prohibition and that the proposal is co-sponsored by Rogers’ Republican colleagues in the state senate, Jeff Weninger and J.D. Mesnard. Jeff Weninger is a former Republican member of the Arizona House of Representatives representing District 17, and J.D. Mesnard is a member of the Arizona Senate from the 13th district.
According to an inquiry by one of the most distinguished investment firms in the United States, Goldman Sachs, BTC is the best-performing asset in the world. Since the beginning of 2023, the price of Bitcoin has risen more than 30% after several crises shook the crypto market in 2022, such as bankruptcies and a lack of accountability and transparency. The proposed bill has sparked a heated exchange of opinions, and it is yet to be confirmed when the discussion will be held in an authorised capacity, but a date will be set soon. If the bill is passed, this will imply that BTC will have the same status as the US dollar, and people and establishments will be free to use the cryptocurrency as they see fit.
Attempts made by Senator
This is the second attempt made by Senator Rogers in an effort to make Bitcoin legal tender. In 2022, Senator Rogers submitted similar legislation without success, rejected by other legislators in the second reading. Despite the rejection and the US Constitution that prohibits individual states from establishing their legal currency, Rogers continues to push BTC in the states.
In April 2022, Roger’s proposed bill mentioned Bitcoin’s potential to operate independently of central bank intervention. She wrote, “Centralised digital money controlled by the central bankers is slavery. Decentralised #Bitcoin is freedom.” Senator Rogers has also introduced a bill that intends to make crypto a tax-exempt property. If the bill gets a green light in 2024, voters can decide if they want tokens that do not represent foreign currencies or US dollars to be exempt from taxes.
Countries that made BTC legal tender
In September 2021, El Salvador became the first country in the world to acknowledge Bitcoin as a legal currency. Insiders at Bitcoineer Official mentioned that a year later, the decision started showing positive economic growth and investment results as the country began experiencing an increase in the tourism sector, with 1.1 million visitors in the country in the first half of 2022.
In April 2022, the Central African Republic (CAR) followed in the footsteps of El Salvador, making it the world’s second country to embrace cryptocurrency as a legal tender. CAR has appointed a committee of 15 experts from various Ministries to design legislation related to cryptocurrency in their country. The CAR is regarded as the poorest country and has taken steps to remedy its economy by having BTC as an official payment method.
In January 2022, Argentina and Brazil announced plans to create a similar currency parallel to the Argentine peso and the Brazilian real. Arizona isn’t the only state battling with cryptocurrency laws. At the end of January 2023, legislators in Missouri and Mississippi attempted to enact legislation preserving citizens’ rights to mine Bitcoin, an energy-intensive industry outlawed in New York in 2022. According to Anderson Kill’s law firm partner Preston Byrne, if the Arizona senator planned to become law, it would be primarily symbolic. Byrne noted, “The Coinage Clause of the US Constitution means that the power to determine what is and isn’t legal tender in the United States is the exclusive province of Congress.”
According to research, Republicans have a 16-14 majority in Arizona’s Senate and a 31-29 majority in the Arizona House of Representatives. The United States is currently leading the world in Bitcoin trading. As BTC acceptance grows, there are probabilities that Senator Rogers’s bill may be considered, making Arizona the first US state to recognise Bitcoin as a legal payment for any monetary debt. As we wait to hear when the official date for the discussion of this proposed bill, we promise to keep you informed. Please note that this article is for educational purposes and should not be used as legal advice.
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