It has become known that Arizona state legislature may be expanded with new blockchain laws. Recently, two new tech regulating bills have been introduced by Jeff Weninger, Arizona state representative.
One of them represents itself a regulatory framework for ICOs that are carried out in the state. Moreover, two new bills contain such notions as “virtual coin,” “blockchain” and “virtual coin offering” that should be included as terms into the Arizona government’s list of definitions.
It’s interesting to note that in the first bill “virtual coin” is explained as “a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value.”
A “virtual coin offering” is defined by the bill as any token sale where the token is referred as a security according to the definition presented in the existing Arizona law. But it should be taken into consideration that according to the bill those tokens that are not treated as investments and can be utilized or redeemed by the buyer within 90 days wouldn’t fall within that definition.
As for the second bill, it adjusts the provisions of Arizona Revised Statutes concerning Blockchain-created and stored data. The bill has relation to the law that was signed last year and that legally approved blockchain signatures and smart contracts.
Let us also mention that the state government continuously implements steps contributing to adoption of the tech within the state. Earlier this month, the Arizona Senate has passed a bill that would give the residents an opportunity to pay their taxes with Bitcoin and other cryptocurrencies that are “recognized” by Arizona state revenue authorities.
The bill has already moved on to be considered by the state’s House of Representatives. If it becomes law, Arizona could start accepting Bitcoin as a tax payment as early as 2020.
Jeff Weninger explained that the main goal of introduction of the bill was to promote innovations in the state. The law should send “a signal to everyone in the United States and possibly through the world that Arizona is going to be the place to be for blockchain and digital currency technology in the future,” he added.
Though some world’s governments believe in necessity to implement cryptocurrency regulation imposing limitations even in the cities known as tech hubs, Arizona state government votes for blockchain innovation in the state.
According to one of the bill’s provisions that addresses the concerns over time-consuming transactions, cryptocurrency payments should be converted to U.S. dollars within 24 hours of their payment.
Jeff Weninger believes that cryprocurrency payments have a lot of indisputable advantages such as the ease of use, and capacity to be carried out in the middle of the night, while a person is at home watching TV. Weninger believes that “in a few years this isn’t even going to be a question”.