In the past year, bitcoin’s price has declined by about 60% from its all-time high. This has diminished the excitement surrounding the alpha coin, but not entirely.
There are still many who have faith in the cryptocurrency’s future. One of them is Arizona state Sen. Wendy Rogers.
Rogers, a Republican, has presented legislation that would make bitcoin legal currency in Arizona and allow state agencies to accept it.
The law proposed on Wednesday would, if passed, make Arizona the first state in the United States to recognize bitcoin as a legal form of currency.
The proposals are co-sponsored by Rogers’ Republican colleagues in the state senate, J.D. Mesnard and Jeff Weninger.
Arizona To Deliberate On Bitcoin As Legal Currency
The widely anticipated bill, designated SB 1341, has sparked a heated exchange of opinions.
It has not yet been established when the discussion will be held in an official capacity, but a date will be set soon.
The bill permits the payment of debts, taxes, and other financial responsibilities in Arizona with bitcoin.
This would imply that all transactions currently conducted in U.S. dollars (USD) might possibly be carried out in BTC, and people and establishments would be free to use the cryptocurrency as they see right.
According to research by one of the most prestigious financial institutions in the United States, Goldman Sachs, Bitcoin was “the best-performing asset in the world.”
Bitcoin tops the list, according to the bank’s study, with nearly 27% in total returns and a risk-adjusted ratio of 3.1 in its year-to-date assessment of returns.
Take Two For The Arizona Senator
Meanwhile, this is the second time that Rogers has presented legislation in her state to make bitcoin legal tender.
In January of last year, the senator submitted identical legislation that was rejected by other legislators in the second reading.
The crypto bill’s approval is uncertain, given the U.S. Constitution prohibits individual states from establishing their own legal currency.
Interestingly, Roger’s proposed legislation mentioned Bitcoin’s potential to operate independently of central bank intervention.
Arizona is not the only state battling with cryptocurrency laws. Last week, legislators in Mississippi and Missouri attempted to enact legislation preserving citizens’ rights to mine bitcoin, an energy-intensive industry that was outlawed in New York in 2022.
According to Anderson Kill law firm partner Preston Byrne:
“The Coinage Clause of the U.S. Constitution means that the power to determine what is and isn’t legal tender in the United States is the exclusive province of Congress.”
Byrne noted that if the Arizona senator’s plan were to become law, it would be “primarily symbolic.”
Currently, the United States leads the world in Bitcoin trading volume with over $1.5 billion. Approximately 23 million Americans possess cryptocurrency. And around 16% have invested in or traded cryptocurrencies, a Bankless Times study reveals.
El Salvador’s use of bitcoin as legal cash has been beneficial for economic growth and investment.
As bitcoin acceptance grows, the probability that measures like the one offered by Sen. Rogers will be passed by Congress will only increase.
As the time of writing, bitcoin is trading at $22,984, up 10.8% in the last seven days, data from Coingecko shows.
Featured image by Travellers Worldwide
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