Arizona Governor Opposes State Bitcoin Mining Support Bill 1236

Key Points:

• Arizona’s governor, Katie Hobbs, used her veto authority to oppose legislation that generally prohibited local governments from charging persons and businesses who maintain blockchain nodes.
• Wendy Rogers, an Arizona state senator, has introduced the measure before.
• Hobbs also said that the measure fails to include local stakeholders.

Arizona’s governor, Katie Hobbs, used her veto authority to oppose legislation that would have generally prohibited local governments from charging persons and businesses who maintain blockchain nodes.

Arizona Senator Wendy Rogers proposed the measure that Governor Katie Hobbs just rejected in January. The bill’s adoption would have made Bitcoin legal cash in the state and barred municipalities from taxing domestic cryptocurrency mining. This was one of the possible paths for Bitcoin to become legal tender.

Arizona Bill 1236, initiated in January, attempted to reform blockchain-related legislation, primarily by reducing or eliminating state-level supervision and node operator fees.

Hobbs’ letter implies that she has vetoed Senate Bill 1236. This law seeks to guarantee that taxes and levies levied on blockchain mining node operators are a statewide problem rather than a local or regional one.

According to Hobbs, the measure prevents municipal policymaking about a new and possibly energy-intensive economic sector. She also said that the bill fails to include local stakeholders. As a result, her veto might allow for more stringent control of cryptocurrency mining.

The law would have subjected counties to the same node operator restrictions as cities and municipalities. After passing the Arizona Senate and House, legislators sent the measure to Hobbs’ desk, where it received her veto on her 100th day in office. Hobbs also said that the bill’s description of blockchain technology is extremely wide.

A few Arizona legislators have suggested legislation to establish a pro-crypto regulatory environment in the United States state for both corporations and people. Rogers lobbied for Bitcoin to be recognized as legal cash by the Arizona government and worked with other lawmakers on a resolution proclaiming cryptocurrencies to be tax-exempt assets under the state constitution.

By recognizing Bitcoin as a legal tender, the government would provide digital currency the same treatment as other forms of money. This implies that both companies and people may use Bitcoin to pay for products and services, as well as taxes and other government duties. This step would also give digital currencies, which are growing more popular in today’s digital world, greater credibility.

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Harold

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