The dominoes are falling, California to considering Bitcoin as legal tender

Political advisor Ian Calderon and self-described Bitcoiner Dennis Porter are readying to present a measure making Bitcoin ineligible tender successful the authorities of California.

Together, @Dennis_Porter_ and I are moving connected a bi-partisan effort to legislatively research #Bitcoin arsenic ineligible tender successful the State of California. More to come. https://t.co/FlcFHRr9B1

— Ian C. Calderon (@IanCalderon) February 20, 2022

Porter followed up by urging his 70,000 Twitter followers to sojourn votervoice.net and registry their enactment for Bitcoin arsenic ineligible tender.

The webpage successful question talks astir taking affirmative enactment against monetary debasement, adjacent taking the accidental to person a popular astatine the Fed. It states Bitcoin’s existent attraction (similar to spot successful the U.S, truthful taxable to superior gains tax) impedes its usage arsenic a mean of exchange.

“Now much than ever, it is important for Americans to person wealth that tin beryllium protected from ostentation created done monetary debasement. This debasement is an invisible taxation connected Americans from an unelected committee of bankers. We bash not judge taxation without representation.”

Advocates accidental Bitcoin’s fixed proviso is the reply to monetary debasement. With surging inflation, present is the clip to marque it ineligible tender.

States cannot marque Bitcoin ineligible tender, tin they?

Since El Salvador made Bitcoin ineligible tender successful September 2021, speculation connected who is adjacent has tally rampant.

While assorted South American countries, including Argentina, Panama, and Paraguay, marque the database of potentials, fewer could person imagined a authorities successful the United States making specified a move.

This is due to the fact that the U.S Constitution, nether ArtI.S10.C1.2.2.1, forbids idiosyncratic states from designating thing different than golden and metallic arsenic their ain ineligible tender.

“No State shall participate into immoderate Treaty, Alliance, oregon Confederation; assistance Letters of Marque and Reprisal; coin Money; emit Bills of Credit; marque immoderate Thing but golden and metallic Coin a Tender successful Payment of Debts; walk immoderate Bill of Attainder, ex station facto Law, oregon Law impairing the Obligation of Contracts, oregon assistance immoderate Title of Nobility.”

However, a bill introduced successful Arizona by Senator Wendy Rogers seeks to amend the Constitution by adding Bitcoin to the database of acceptable ineligible tenders successful the state.

The measure inactive requires passing done the State Senate and House earlier signing into law. Whether that happens oregon not is anyone’s guess.

Then again, rifts betwixt authorities and national argumentation are not unheard of. For example, an enforcement bid from Arizona State Governor Doug Ducey, signed successful December 2021, outlawed immoderate entity from imposing vaccine mandates.

More states to follow?

Pro-crypto authorities is 1 thing, but Bitcoin arsenic ineligible tender is the eventual motion of approval.

Many U.S states already person pro-crypto authorities written into law. Most notable is Texas, nether House Bill 4474, which came into effect from January 2021. It recognizes cryptocurrencies arsenic portion of the state’s Uniform Commercial Code. In different words, crypto holders person “the power to derive substantially all of the benefit from the virtual currency” from a commercialized aspect.

Similarly, Senate File 125 was passed by the Wyoming Senate backmost successful February 2019. It besides recognized cryptocurrencies arsenic portion of the state’s Uniform Commercial Code.

But neither authorities has an authoritative measure submitted to their respective authorities legislatures calling for Bitcoin arsenic ineligible tender.

Nonetheless, with Arizona and California taking things to this adjacent level, should we expect Texas, Wyoming, and others to marque the propulsion arsenic well?