Key Takeaways
- Arizona handed 5 bitcoin-related payments by way of the legislature.
- Two payments enable as much as 10% of state funds to be invested in bitcoin.
- Bitcoin ATM invoice units $2,000 money restrict and stricter price disclosures.
The Arizona Legislature superior 5 bitcoin-related payments this week, together with two that might set up state-held bitcoin reserves and one other that defines bitcoin as authorized tender below Arizona regulation.
Arizona Strategic Bitcoin Reserve Act
Senate Invoice 1025, dubbed the “Arizona Strategic Bitcoin Reserve Act,” permits as much as 10% of presidency or public funds to be invested in bitcoin and different digital belongings.
It handed earlier this session on a 5–2 vote.
A separate measure, S.B. 1373, consists of extra threat limits akin to proscribing digital asset investments to not more than 10% in a single 12 months.
Cryptocurrency cost authorization
S.B. 1128, the Cryptocurrency Fee Authorization invoice, would enable state businesses to simply accept bitcoin for taxes, fines, and costs.
In the meantime, S.B. 1062 goals to redefine authorized tender in Arizona to incorporate cryptocurrency.
The invoice exempts state revenue tax on beneficial properties from exchanging one type of authorized tender for one more, successfully eradicating state-level tax on bitcoin gross sales.
Bitcoin ATM regulation
The fifth invoice, H.B. 2387, targets bitcoin ATMs.
The proposed regulation units a day by day $2,000 money enter cap per particular person and requires operators to obviously disclose charges—some reaching as much as 20%.
Initially proposing a $1,000 cap, lawmakers raised the restrict whereas sustaining a deal with fraud prevention, particularly for aged residents.
Legislative standing
All 5 payments have cleared their respective committee and flooring votes and are actually awaiting closing legislative motion or the governor’s signature.