U.S. States Advance Pro-Crypto Legislation as Momentum Builds
Lawmakers in several U.S. states are pushing forward new legislation aimed at integrating cryptocurrency into state government operations. Recent proposals in North Carolina, New York, and Arizona reflect a growing interest in leveraging digital assets for public use and regulatory clarity.
North Carolina Eyes Crypto for Tax Payments
In North Carolina, House Bill 920—introduced on April 10 by Representative Neal Jackson and co-sponsored by two colleagues—seeks to allow the use of digital assets for paying state taxes. Known as the North Carolina Digital Asset Freedom Act, the bill sets strict eligibility standards for cryptocurrencies, requiring a minimum market capitalization of $750 billion, a daily trading volume over $10 billion, and listings on several regulated U.S. exchanges.
While the bill doesn’t mention any specific cryptocurrencies by name, only Bitcoin currently meets these benchmarks, with a market cap of over $1.3 trillion.
New York Proposes Broader Use of Crypto for State Payments
In New York, lawmakers are considering a similar measure with a broader scope. Assembly Bill A7788, introduced by Assemblyman Clyde Vanel on the same day, would permit residents to use cryptocurrency to pay for a range of state-related obligations, including taxes, rent, fees, and penalties.
The bill specifies acceptable cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It also allows state agencies to charge a service fee to cover the cost of processing crypto transactions.
Arizona Moves to Protect Home Crypto Mining
Arizona is also taking legislative steps to support the crypto industry. House Bill 2342, introduced by Representative Teresa Martinez in January, has passed the state Senate and is now headed to Governor Katie Hobbs’ desk.
The bill aims to protect individuals’ rights to mine cryptocurrency and operate blockchain nodes from their homes. It designates these activities as a matter of statewide concern, preventing local governments from enforcing zoning restrictions that could limit home-based crypto operations.
Federal Shift Adds to State-Level Momentum
These state initiatives come amid shifting federal policy. Earlier this week, the U.S. Department of Justice announced it had disbanded the National Cryptocurrency Enforcement Team, signaling a broader reevaluation of the federal government’s approach to crypto regulation.
As interest in digital assets continues to grow, state-level efforts like these suggest an emerging trend: governments exploring how to incorporate crypto into official systems while protecting innovation and consumer rights.
Featured image from: beincrypto.com