Summary
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State-Level Crypto Integration Gaining Momentum: North Carolina, New York, and Arizona are actively considering bills to incorporate cryptocurrencies into government operations, signifying a growing trend.
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Tax and Fee Payments via Crypto Proposed in NC and NY: North Carolina’s HB 920 and New York’s A7788 aim to enable cryptocurrency payments for taxes and state fees, expanding cryptocurrency utility within state economies.
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Arizona Bill Protects Residential Crypto Mining: Arizona’s HB 2342, headed to the governor, seeks to prevent local restrictions on home-based cryptocurrency mining and blockchain node operations, supporting individual participation in crypto networks.
Several state legislatures across the United States are increasingly active in pursuing the integration of cryptocurrency into state governance.
Recent weeks have seen momentum build behind new legislative proposals in North Carolina, New York, and Arizona.
These legislative initiatives highlight a growing trend among state governments toward both regulating and adopting cryptocurrencies.
House Bill 920 in North Carolina proposes the acceptance of cryptocurrencies for the payment of state taxes and fees.
Simultaneously, New York’s Assembly Bill A7788 seeks to broadly enable residents to utilize cryptocurrencies for all state-level financial obligations.
Meanwhile, Arizona’s Senate Bill 1236, designed to provide legal protection for cryptocurrency mining operations and artificial intelligence activities conducted at private residences, is moving toward consideration by the state governor.
North Carolina Considers Cryptocurrency for Tax Payments
Introduced on April 10th as House Bill 920, the “North Carolina Digital Asset Freedom Act,” sponsored by State Representative Neal Jackson and co-sponsored by two others, proposes the acceptance of specific digital assets for state tax remittances.
The legislation stipulates criteria for eligible digital assets, including a minimum market capitalization of $750 billion and daily trading volume exceeding $10 billion, along with listing on multiple regulated U.S. exchanges.
While Bitcoin is the only current cryptocurrency meeting these defined criteria, possessing a market capitalization of over $1.3 trillion, the bill refrains from naming Bitcoin or any other specific cryptocurrency.
New York Bill Aims to Legalize Crypto for State Dues
Mirroring North Carolina’s initiative, New York is considering Assembly Bill A7788, which would authorize residents to use popular cryptocurrencies for remitting various state payments.
These payments could encompass taxes, rent, fees, and fines. Assemblyman Clyde Vanel introduced this bill, also on April 10th, proposing that state entities be enabled to accept cryptocurrencies fulfilling particular conditions as valid payment methods.
Specifically mentioned within the proposed bill are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as examples of eligible cryptocurrencies.
The legislation also permits state agencies to levy a service charge to offset the operational costs associated with processing cryptocurrency payments.
Arizona Legislation Protects Home-Based Crypto Mining
In Arizona, House Bill 2342, which seeks to safeguard the rights of individuals to engage in cryptocurrency mining and operate blockchain nodes from their residences, is progressing to Governor Katie Hobbs for potential enactment.
Representative Teresa Martinez introduced this bill in January, and it recently secured passage in the Arizona Senate with a narrow vote of 17-12 on Thursday.
HB 2342 is designed to classify residential cryptocurrency mining and node operations as matters of statewide regulation, effectively preventing local governmental bodies such as cities or towns from imposing restrictive zoning laws or usage regulations.
Also Read: US States Explore Bitcoin Integration into State Finances Through New Legislation
US states like Kentucky, North Carolina, Arizona, and Oklahoma are integrating Bitcoin and cryptocurrencies into their financial systems, driven by the desire to diversify state reserves, hedge against inflation, and stimulate economic growth. The recent approval of a Federal…[Read More]
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