Winter of Bitcoin Woes
As winter puts a chill on Bitcoin (BTC), some lawmakers are like the last hope of sunflowers, bravely standing tall in this crypto storm. Even when the cryptocurrency feels like it’s walking a tightrope, a few intrepid politicians want to hitch their stars to the Bitcoin wagon. Notably, state Senator Wendy Rogers of Arizona decided to roll the metaphorical dice by championing a couple of bills to legitimize BTC.
Arizona Takes a Bold Step
Senator Rogers is 68 years young and determined; she has introduced two audacious pieces of legislation aimed at establishing BTC as legal tender in the Grand Canyon State. Yes, you read that right: if her latest bill gets the green light, BTC would receive the same legal status as the U.S. dollar. It would become a recognized medium of exchange for paying debts, public dues, taxes, and all that other fun stuff that keeps state budgets ticking.
The path to glory hasn’t been smooth, though. Rogers previously pitched a similar bill that was dashed last year. Undeterred, she’s back at it—proof that persistence pays off. Alongside this, she’s also throwing her weight behind a bill to make cryptocurrency tax-exempt, letting Arizonians dodge property taxes on specific digital currencies.
A Tax Exemption? Count Me In!
Along with her colleagues Senators Sonny Borrelli and Justine Wadsack, Rogers’ new tax exemption proposal is set to potentially let voters decide on the state constitution’s stance regarding digital currency. Forget needing a degree in fine print; if this moves past, Arizona residents might enjoy some delightful tax breaks!
New York: Not So Bold but Necessary
Meanwhile, over in New York, lawmakers are opting for a more moderate approach. A new bill introduced in the State Assembly doesn’t strive for groundbreaking changes. Instead, it would allow state agencies to accept cryptocurrency for various payments, like fines and taxes. While it doesn’t mandate agencies to accept crypto outright, it does clarify that they can, and more importantly, that courts should enforce these transactions. Let’s hope they don’t just stare at screens like deer in headlights.
Panama’s Legal Drama
In Panama, things are heating up—or maybe cooling down? President Laurentino Cortizo has sent the crypto bill passed last year to the Supreme Court for review, claiming it violates constitutional principles. Talk about legal limbo! Cortizo isn’t just whining about it; he points out that the bill was hastily approved after his selective veto and needs more TLC to align with international financial regulations.
Crypto Tracking in South Korea
If you thought things were crazy in the U.S. and Panama, South Korea is on a path to tighten the crypto noose. The Ministry of Justice plans to implement a tracking system aimed at curbing money laundering activities. Dubbed the “Virtual Currency Tracking System,” it’s got a mission to monitor transaction histories and ensure funds are sourced legitimately. Deployed in 2023, this initiative is likely to make criminals sweat a little more.
SEC Observations on Wall Street
The U.S. Securities and Exchange Commission (SEC) is busy playing crypto detective, investigating Wall Street firms that might be offering digital asset custody without the proper qualifications. Spoiler: If they can’t cut the mustard, they might find themselves knee-deep in regulatory trouble. The SEC’s focus is to ensure registered investment advisers follow the rules laid out since the Investment Advisers Act of 1940, proving that crypto’s wild west days may soon be behind them.
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