This resolution proposes an amendment to the Arizona Constitution, specifically Article IX, Section 2, which pertains to property tax exemptions. The amendment seeks to add virtual currency to the list of property that is exempt from taxation. Virtual currency is defined in the amendment as a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value, excluding representations of the United States dollar or foreign currencies.

The resolution outlines that the amendment will be self-executing, meaning that individuals entitled to the exemption for virtual currency will not need to take any affirmative action to benefit from it. The resolution also stipulates that the Secretary of State is tasked with submitting this proposition to the voters at the next general election, as per the requirements of Article XXI of the Arizona Constitution. If approved by the voters and proclaimed by the Governor, the amendment will become part of the state constitution.