This bill proposes to amend current statutes by redefining "legal tender" to include cryptocurrency alongside traditional forms of currency. The new definition will specify that legal tender consists of any medium of exchange authorized by the U.S. Constitution or Congress, which includes specie (coins with precious metal content) and cryptocurrency (defined as digital currency regulated through encryption techniques). The bill will apply this updated definition across all relevant Arizona Revised Statutes, ensuring that cryptocurrency is recognized in contexts such as tax exemptions for gains and losses from exchanges of legal tender, requirements for trust companies regarding liquid capital, and payment methods for video service provider license fees.

Additionally, the bill will remove outdated language that previously defined legal tender solely as a medium of exchange without reference to cryptocurrency. It will also make technical and conforming changes to ensure consistency across statutes. The amendments aim to modernize the legal framework surrounding currency in Arizona, reflecting the growing acceptance and use of cryptocurrency in financial transactions.

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
Senate Engrossed 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