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Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

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1 month ago

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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.

Wendy Rogers Arizona state Sen. Wendy Rogers. Image: KJZZ

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.

BitcoinImage: Common Cents Mom

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.”

BTC total market cap at $443 billion on the daily chart | Chart: TradingView.com

BTC Nears $23,000

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.

Image - Coingecko

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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Regulation

CME Group to Roll Out Solana (SOL) Futures on March 17

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4 hours ago

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February 28, 2025

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The CME group has announced plans to launch Solana (SOL) futures on its derivatives marketplace on March 17. This is significant because it could easily pave the way for the approval of the Solana ETFs.

CME Group To Launch Solana (SOL) Futures On March 17

In a press release, the CME group, the world’s leading derivatives marketplace, announced that it plans to launch Solana (SOL) futures on March 17, subject to regulatory approval. Market participants will be able to trade both a micro-sized contract (25 SOL) and larger-sized contract (500 SOL).

Speaking on this development, the CME Group’s Global Head of Cryptocurrency Giovanni Vicioso said,

With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk. As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies.

Per the announcement, the SOL futures will be cash-settled and based on the CME CF Solana-Dollar Reference Rate, which serves as a reference rate of the Solana price in USD. Solana will become the third crypto on the derivatives platform, alongside Bitcoin and Ethereum.

Significance Of The SOL Futures Launch

The CME Group’s launch of the Solana futures is significant as it could pave the way for the US SEC to approve the pending SOL ETF applications. Commenting on this development, the president of the ETF store Nate Geraci, also confirmed that the Solana futures launch “bodes well” for SOL ETF prospects.

Before now, the SEC, under Gary Gensler, had argued that crypto ETFs are easily susceptible to market manipulation. However, the court in Grayscale’s case against the Commission ruled that the futures and spot markets are correlated. If the SOL futures market launches, the Commission has no reason to deny a Solana spot ETF.

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Upbit Operator Dunamu Files Appeal Against FIU Over New Customer Transaction Suspension

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7 hours ago

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February 28, 2025

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South Korean crypto exchange Upbit’s operator, Dunamu, has challenged the sanctions imposed by the Financial Intelligence Unit (FIU) by filing an appeal with the Seoul Administrative Court. As part of the legal action, Dunamu filed a lawsuit seeking to overturn the business suspension order and to halt the execution of the sanctions.

Upbit Operator Dunamu Seeks to Halt FIU’s Sanctions, Files Lawsuit

In a recent development, Dunamu, South Korean crypto exchange Upbit’s operator, filed an appeal against the Financial Intelligence Unit. The appeal seeks to cancel the business suspension order imposed by the FIU. In addition, the platform requests the court for a stay of execution, halting the implementation of the agency’s disciplinary actions.

Keeping specific details undisclosed, a Dunamu official stated,

We made a careful decision, and it is difficult to talk about the specific details…We will faithfully explain during the trial.

Dunamu Faces Business Suspension Order over Regulatory Obligations

Recently, South Korea’s FIU announced disciplinary actions against Dunamu citing its failure to meet key regulatory obligations. On Tuesday, the agency asked the platform to end business operations for three months. As part of the development, Dunamu would face restrictions on new customers’ crypto transactions.

In detail, the regulator banned Dunamu from facilitating new users to transfer cryptocurrencies from and to other exchanges from March 7 to June 6, 2025. However, the platform’s existing customers could continue trading activities during the suspension period.

Along with the business suspension order, the FIU also took disciplinary actions against Dunamu’s executives. Notably, the regulator sent a warning to CEO Lee Sirgo and dismissal orders or cautions for eight other employees.

Notably, South Korea’s increasing scrutiny over crypto platforms comes amid the US SEC’s loosened regulations. Recently, the SEC dropped multiple crypto lawsuits involving Coinbase, Robinhood, Uniswap, and Tron Foundation.

Upbit’s Crypto Regulatory Violations: Insights

Significantly, the FIU alleged Upbit and its operator breached several key regulations, including virtual asset transaction rules, customer verification requirements, and suspicious transaction reporting mandates. In particular, the regulator found Dunamu facilitating over 45,000 crypto transactions with 19 unregistered overseas virtual asset service providers.

In addition, the platform failed to adhere to the customer verification rules on a massive scale. In January, the FIU suspended Upbit’s operations, citing Know-Your Customer (KYC) violations. The agency also warned the company over violating the Specific Financial Transaction Information Act.

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Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will the SEC Dismiss XRP Lawsuit After Closed-Door Meeting?

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14 hours ago

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February 28, 2025

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The U.S. Securities and Exchange Commission (SEC) held a closed-door meeting on February 27, 2025, raising speculation about whether the agency will drop its appeal in the ongoing Ripple case.

The legal dispute, which began in December 2020, revolves around the SEC’s claim that Ripple sold XRP as an unregistered security. With growing regulatory scrutiny and political pressure, the crypto community is watching closely for any signs of resolution in the XRP lawsuit.

Will the SEC Dismiss XRP Lawsuit After Closed-Door Meeting?

The SEC’s Sunshine Act meeting focused on enforcement actions, administrative proceedings, and litigation settlements. While the agenda remains confidential, speculation is growing that the Ripple case was a topic of discussion. Recent decisions by the SEC to drop investigations into major crypto firms, including Coinbase and Uniswap, have fueled hopes that the XRP lawsuit may be nearing its conclusion.

Legal experts have mixed opinions on the SEC’s next move. Former SEC lawyer Marc Fagel downplayed the speculation, stating,

“There’s no more reason to think Ripple is on the agenda than at the last 200 meetings.”

However, pro-XRP attorney Bill Morgan remains confident in Ripple’s position, pointing out that the SEC’s legal argument has weakened after Judge Analisa Torres ruled in 2023 that XRP itself is not a security.

Cynthia Lummis Stance on SEC Dropping Lawsuits Against Major Firms

U.S. Senator Cynthia Lummis, a vocal advocate for cryptocurrency regulations, recently highlighted the need for legal clarity on digital assets. She stated, “Most digital assets are not legally securities under the Howey Test. The United States is behind other countries in creating laws for digital assets.”

Responding to Lummis’ statement, Bill Morgan referenced the Ripple case and Judge Torres’ ruling.

He wrote on X, “So you agree Judge Torres was correct in finding XRP itself is not a security in SEC v Ripple.” This exchange highlights the growing recognition among lawmakers and legal experts that the SEC’s classification of XRP may not hold up under legal scrutiny.

Moreover, the SEC has recently withdrawn several high-profile lawsuits, signaling a possible shift in its enforcement strategy. The agency voluntarily dismissed its case against Coinbase Global Inc and Consensys reached an agreement to dismiss the securities enforcement case related to MetaMask. Concurrently, the agency has also dropped cases against Uniswap, Gemini, OpenSea, Robinhood Crypto, and Binance’s case being paused for 60 days.

Potential Impact on XRP Price 

The XRP lawsuit has had a strong effect on Ripple’s market standing. On February 28, XRP declined by 7.59%, following broader market trends with Bitcoin price falling below the $80k support. However, analysts believe that if the US SEC drops its appeal, XRP price could experience a major rally to $320.

Historical price trends show that legal victories for Ripple have led to significant gains. When Judge Torres ruled in Ripple’s favor in July 2023, XRP surged by over 70%. A full dismissal of the XRP lawsuit could push the token toward its previous all-time high of $3.55.

Market analysts are also discussing the potential approval of an XRP spot ETF, which could attract institutional investment especially with the agency acknowledging some XRP ETF’s last week. If the Ripple case is resolved, XRP may gain further regulatory clarity, making it more appealing to large financial firms.

While speculation around the SEC meeting continues, no official decision has been announced regarding the XRP lawsuit. The next key deadline is April 16, 2025, when Ripple must submit its reply brief related to the SEC’s appeal. If the SEC decides to withdraw its appeal before then, the case could effectively be resolved.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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