In a zealous effort to make Bitcoin (BTC), the most widely used digital currency in the world, a form of legal cash in Arizona, Senator Wendy Rogers has submitted several crypto legislation to the state legislature.
Through Twitter, Senator Wendy posted the information (1) per a previous report from the American multinational investment bank Goldman Sachs Group Inc, which stated that Bitcoin ranked as the strongest asset in 2022. Senator Wendy's tweets were in line with the findings of the report.
The representative stated that she had sponsored both the crypto currency measures and another one prohibiting the use of photo radar in Arizona. According to her, the measure has practically all of her Republican colleagues as co-sponsors, which suggests that she will have to compete against the other members of the parliament who belong to other parties to get the law to pass through the legislative process.
Due to the fact that many people are still uncertain about the status of virtual currencies, Bitcoin is not acknowledged anywhere in the United States as a kind of legal money. Many institutional investors have refrained from directly investing in digital currency due to the legal inconsistencies that have arisen.
A large percentage of those who have accepted the asset do so via Grayscale Bitcoin Trust (GBTC), or the handful of authorized Bitcoin Futures Exchange Traded Funds (ETF) currently trading. While a small number of businesses with entrenched investments in Bitcoin, such as MicroStrategy Incorporated.
Senator Wendy wants to change this narrative in Arizona because if the bill is passed, it will provide a positive and clear road for Bitcoin to be recognized as pay for debt securities, levies, and other essential state requirements.
Senator Wendy, who has been a supporter of virtual currencies for a very long time, is making her second try to get a bill passed by introducing it.
In April of the previous year, she attempted to make Bitcoin (BTC) a legitimate currency, but she was unsuccessful in her attempts.
Following in Footsteps of El Salvador
Colorado and California are two of the states which have officially acknowledged Bitcoin as a legal method of payment for some goods and services. At the moment, a number of states have acknowledged Bitcoin as a legal way to pay for certain goods and services. The Mayor of Miami, Francis Suarez, is likewise a strong supporter of Bitcoin; nevertheless, his influence is confined to the city.
Should Arizona be successful in declaring Bitcoin a legal cash, it would follow the example of El Salvador, a nation in Central America that recognized Bitcoin as a legal currency in September 2021.
El Salvador was condemned for its acceptance of Bitcoin at the time; even though the government appears to be coming up with its financial commitments, many people, including the authorities in the United States, still feel that El Salvador made a mistake by adopting Bitcoin.
The possibility that Arizona may also encounter pushback for seeking to grant Bitcoin the same status as legal cash as the United States Dollar might result in a significant pushback that extends beyond the state's borders. This second bill submission may also encounter a tremendous push, just like the previous one did.