A U.S. senator wants to make Bitcoin a legal currency in the state of Arizona. After an unsuccessful first attempt in January 2022, Arizona Senator Wendy Rogers has introduced SB 1235, a bill to legalize Bitcoin in the state of Arizona. If this bill is passed, Arizona will become the first state in the US to take such a step. The senator also introduced another bill to facilitate collaboration between state actors and crypto companies to develop crypto payments.a
Senator Wendy Rogers wants to legalize Bitcoin in Arizona
Will Bitcoin soon be a legal currency in one of the United States of America? At least that is the wish of several residents of the state of Arizona including Senator Wendy Rogers. This Arizona state senator and member of the Republican party has introduced a bill recognizing Bitcoin as a currency in her state.
In announcing the news, Senator Wendy Rogers touted the performance of Bitcoin. Drawing on a report by banking giant Goldman Sachs, the senator reminded us, among other things, that this cryptocurrency is the world’s best performing asset in 2023. Thus, it is only right that Bitcoin be legally recognized in Arizona so that the state and citizens benefit from the innovation it brings.
The senator also hinted that she is not the only one behind this project. She has the support of other Republican legislators. Among them are Congressman Jeff Weninger and Senator J.D. Mesnard.
If passed, the Bitcoin legalization bill, otherwise known as SB125, carried by Senator Wendy Rogers would make Arizona the first state in the US to officially recognize Bitcoin as a legal form of currency.
Another bill to make it easier to use Bitcoin in Arizona
The Bitcoin legalization bill will likely have notable social and economic impacts in Arizona if it passes. The bill is expected to add Bitcoin to the current list of legal tender currencies in Arizona. This should give free rein to its use in everyday life for everyday expenses such as rent, energy, water, taxes, …
It is for this reason that Senator Wendy Roger has introduced another bill. Entitled SB1239, this other bill would allow payment in crypto. More specifically, this other bill allows State agencies to collaborate with crypto players to develop crypto payment.
All indications are that Bitcoin will not be the only asset accepted in crypto payments in Arizona. In addition to Bitcoin, SB1239 cites Ethereum, Litecoin and Bitcoin cash as acceptable cryptocurrencies in payment.
The fight to legalize Bitcoin in Arizona won’t be easy
In order for it to take effect, the Arizona Bitcoin legalization bill, initiated by Senator Wendy Rogers, must be signed by the Arizona Governor after passage by the Arizona State Senate and House. This adoption could be difficult.
The U.S. Constitution does not allow each state to create its own legal tender. Article 1, Section 10 of the U.S. Constitution even appears to prohibit the creation or issuance of a state-level currency.
This legal restriction does not seem to discourage Senator Wendy Rogers, who is behind the bill to legalize Bitcoin. We remember that she had already led a similar effort a year ago. In January 2022, Wendy Rogers had introduced the bill SB 1341 on the legalization of Bitcoin. Unfortunately, the bill did not pass.
Will Senator Wendy Rogers convince her fellow senators to pass her Bitcoin legalization bill this time around? No one can predict that with certainty. Nevertheless, there are new elements and a different context from 2022 that put some hope on the Senator’s side.
Indeed, the bill to legalize Bitcoin in Arizona in January 2022 was carried by Senator Wendy Rogers alone. Moreover, there was no success story of a state that legalized Bitcoin in 2022. At that time, El Salvador, which legalized Bitcoin in September 2021, was portrayed by the media and economic experts as a poor state that will become even poorer because of dangerous Bitcoin.
Today and unlike 2022, the bill to legalize Bitcoin in Arizona is sponsored with other parliamentarians. In addition, today the evidence is mounting that Bitcoin is not a disaster for El Salvador. It is now known that Bitcoin is a great asset for the Salvadoran economy as Nayib Bukele says.
Regardless of the outcome of the vote on the Bitcoin legalization bill, its reintroduction by Senator Wendy Rogers reveals the growing political interest in cryptocurrency in the United States. If it does not pass, the debate over Bitcoin legalization will remain and a similar parliamentary initiative could occur in the future.
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.
