ARIZONA HOUSE OF REPRESENTATIVES Fifty-seventh Legislature First Regular Session
	Senate: FIN DP 4-3-0-0 | 3^rd Read 17-11-2-0 House: COM DP 6-4-0-0

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SB 1062: legal tender; cryptocurrency

Sponsor: Senator Finchem, LD 1

Caucus & COW

Overview

Prescribes legal tender as a uniform statutory term and includes specie and cryptocurrency as legal tender.

History

Various statutes currently provide a definition of legal tender and includes specie as a type of legal tender. Legal tender, as used in various statutes, is defined as a medium of exchange, including specie, that is authorized by the U.S Constitution or Congress for the payment of debts, public charges, taxes and dues. Specie is defined as coins having precious metal content.

Provisions

1. Prescribes legal tender as a uniform statutory term consisting of:

a) any medium of exchange that is authorized by the U.S. Constitution or Congress for the payment of debts, public charges, taxes and dues;

b) specie, which are coins having precious metal content; and

c) cryptocurrency, which is any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of monies, including Bitcoin, XRP, Ethereum, Litecoin and bitcoin cash. (Sec. 1)

2. Makes conforming changes. (Sec. 2-8)

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6.                   SB 1062

7. Initials PB           Page 0 Caucus & COW

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