Regulation
Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency
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 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.
Image: 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
USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firm’s plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.
Circle To File IPO In Late April
According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.
The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.
The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.
Revelation about Circle’s IPO plans comes just days after the stablecoin issuer partnered with NYSE’s parent company to explore USDC’s use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the country’s regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japan’s stablecoin framework.
An Easier Path Now For The Stablecoin Issuer
Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Gensler’s administration.
US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Gensler’s administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.
Circle’s IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.
The firm’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.
Donald Trump’s World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Ethereum Struggles to Break Out as Bear Trend Fades
XRP Price to $27? Expert Predicts Exact Timeline for the Next Massive Surge
Binance Megadrop Launches KernelDAO
Wintermute Sells ACT Tokens Due To Binance Limit Changes
Ethereum Founder Buterin Funds Swiss Project With 274 ETH—What’s The Agenda?
Binance Update Sparks 50% Decline For Solana Meme Coin ACT: Details
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market21 hours agoCoinbase Tries to Resume Lawsuit Against the FDIC
-
Altcoin20 hours agoCharles Hoskinson Reveals How Cardano Will Boost Bitcoin’s Adoption
-
Market20 hours agoHedera (HBAR) Bears Dominate, HBAR Eyes Key $0.15 Level
-
Altcoin24 hours agoElon Musk Rules Out The Use Of Dogecoin By The US Government
-
Ethereum22 hours agoEthereum May Have To Undo This Death Cross For Bull’s Return
-
Market22 hours agoBlackRock’s Larry Fink Thinks Crypto Could Harm The Dollar
-
Altcoin22 hours agoEthereum Bitcoin Ratio Drops to Record Low, What Next for ETH?
-
Market19 hours agoThis is Why PumpSwap Brings Pump.fun To the Next Level
✓ Share: