This bill proposes to amend current statutes by redefining "legal tender" to explicitly include cryptocurrency alongside existing definitions of medium of exchange and specie. The new definition will state that legal tender consists of any medium authorized by the U.S. Constitution or Congress, specie (coins with precious metal content), and cryptocurrency (defined as digital currency utilizing encryption techniques). The bill will also apply this updated definition to 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Additionally, the bill will remove outdated language that previously defined legal tender solely as a medium of exchange and will make technical and conforming changes throughout the statutes. The amendments will ensure that the definition of legal tender is consistent across various sections of the law, thereby modernizing Arizona's legal framework to accommodate the growing use of cryptocurrency. The changes will take effect on the general effective date if the bill is enacted.

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