Arizona to Regulate Bitcoin and ICOs

Several bills that recognize crypto as currencies are passing by the Arizona State Legislature
10 February 2018   1141

Arizona might become the first U.S. state to legalize bitcoin and other currencies as a method of payment. One of several bills already passed by the Senate Finance Committee. Moreover, the first reading of a draft law which will regulate ICOs has been scheduled. It seems that Arizona will be a place for crypto.

There are several bills that recognize bitcoin and other cryptos as currencies. Two of them, SB1091 and SB1145, will regulate income tax payments with cryptocurrency. In mid-January, one of them has already passed the Senate Finance Committee. Another one  (HB2601) will regulate initial coin offerings (ICOs). The first reading of this bill is scheduled for June 2. The second reading will take place a month later.

The state is going to be the place to be for blockchain and cryptocurrency in future. Experts believe that in the next 5 to 10 years this technology will change the world.

According to Jeff Weninger, a Republican member of the Arizona House of Representatives, the new law will make it easier for people to pay their taxes, without opening their “normal wallets”. A taxpayer will be able to pay taxes from his home even in the middle of the night.

Of course, there is an opposite opinion. The new technology will replace traditional money transfers with credit cards. All taxpayers will be put at risk because of the volatile nature of bitcoin. If the new legislation is passed the state will be responsible for exchanging the cryptos.

If Arizona lawmakers approve the bills, the state may start collecting taxes in bitcoin within two years. It will be the first state in the U.S. to legalize cryptocurrency payments for taxes.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   88

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.