This bill proposes updates to Arizona Revised Statutes sections 9-500.42 and 11-269.22, specifically addressing the regulation of blockchain technology at the local government level. It introduces new provisions that prohibit cities and towns from imposing taxes or fees on individuals running a node on blockchain technology in their residences, while clarifying that this does not apply to taxes levied under section 42-6012. The bill emphasizes that the regulation of accessing or using computational power and running a node on blockchain technology is a matter of statewide concern, thus preventing further local regulation.

Additionally, the bill modifies the definitions related to blockchain technology. It retains the definition of "running a node on blockchain technology" as providing computing power for transaction validation or encryption, while it introduces a new definition for "blockchain technology" that aligns with section 44-7061. The existing definition of "computational power" is removed, streamlining the language and focusing on the relevant aspects of blockchain technology regulation.

Statutes affected:
Introduced Version: 9-500.42, 11-269.22, 42-6012, 44-7061