Arizona State Senator Submits More Pro-Crypto Proposals

Key points to remember

  • 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 liability in Arizona.

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Arizona State Senator Wendy Rogers has proposed two more crypto-focused bills. The proposals argue for a 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 for accepting cryptocurrencies to pay fines, civil penalties, rent, rates, taxes, fees, or other obligations financial due to the state. If passed in the Arizona Senate, the bill will take effect after December 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 state tax authorities.

The second bill, numbered SB 1128, seeks to amend the Arizona legislature by adding a tax exemption for all virtual currencies. The deposit defines virtual currency as “a means of digital representation of value, other than a representation of the U.S. dollar or foreign currency, that functions as a unit of account, store of value, or medium of exchange. “.

Clause two of the bill deals with the conditional promulgation of the proposal. It says the bill will be up for a vote in the next general election, which means Arizona residents will likely have the opportunity to vote on the cryptocurrency tax exemption 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 to make Bitcoin legal tender in Arizona. However, many have pointed out that such a bill is unlikely to succeed, as the US Constitution explicitly prohibits states from declaring any assets legal tender except for gold or silver coins.

Rogers seems to be a long-time supporter of cryptocurrencies. In April 2021, she voted in favor of a bill to create a cryptocurrency study committee and said she wants Arizona to be the most crypto-friendly state in the world. country.

Disclosure: At the time of writing this article, the author owned ETH and several other cryptocurrencies.

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