SB1235 is a bill that seeks to redefine the term "legal tender" in the state of Arizona. The bill proposes to expand the definition to include Bitcoin alongside traditional forms of legal tender authorized by the U.S. Constitution or Congress, such as specie (coins with precious metal content) and other mediums of exchange. The bill also specifies that legal tender includes any specie issued by the U.S. Government and any other specie that a court of competent jurisdiction determines to be within the state's authority to make legal tender.

The bill further defines Bitcoin as a decentralized, peer-to-peer digital currency that maintains a record of transactions on the Bitcoin blockchain, generates new units of currency through computational solutions to mathematical problems, and operates independently of a central bank. The proposed changes would apply the updated definition of legal tender to all relevant statutes in Arizona. The bill includes technical and conforming changes and would take effect on the general effective date.

Statutes affected:
Introduced Version: 6-851, 9-1443, 11-1943, 43-1021, 43-1022, 43-1121, 43-1122, 6-852, 1-901, 9-1442, 11-1942, 43-1333, 99-514, 43-1084, 43-1081.01, 43-1074.02, 43-1029, 15-1871, 43-1024, 101-336, 43-1014, 43-1082, 43-1023, 15-1628, 15-1451, 43-1025, 43-1027, 111-5, 111-92, 41-1518, 43-1042, 20-1691, 43-1028, 6-101, 43-961, 43-1129, 43-1130, 43-1201, 43-947, 43-1170, 43-1130.01, 43-1175, 43-1178, 43-1183, 43-1184, 43-1124, 43-1181, 43-1165