State Governments All Over Crypto: Pushing Legislation Forward!!!

FUD! FUD! FUD! FUD! FUD!

It seems that is all we hear.

Well, your mama told you not to listen to the media, didn't she? If she didn't, she should have.

My friends, cryptocurrency is here to stay.

Remember the bill that passed the Arizona Senate allowing the residents of that state to pay their taxes in Bitcoin. What happened to that? It seemed to have stalled out.

Actually, it did get hung up in the House's Rules Committee. The Congress people who were handling that bill were upset about taxes and other fees being paid in Bitcoin. Hence, they had to alter the legislation.

Fortunately, the bill passed through Committee and now heads to the House floor where it is expected to pass.

What did the bill look like in the final form? The payment in Bitcoin was expanded to include Litecoin and any other recognized crytpocurrency. When this bill passes and the Governor signs it, we will see the residents of Arizona able to pay their state taxes using cryptocurrency. To my knowledge, this will be the first state to approve this.

Soon, when someone asks "what can you use that cryptocurrency for? What can you actually pay for with it?", you can reply, "your property taxes"...as long as you live in Arizona.

While Arizona has been aggressive with the way it embraced blockchain and cryptocurrency, it is not the only state looking to move legislation forward.

Illinois has a similar bill pending that will allow residents of that state to pay their taxes using cryptocurrency. While Arizona's intention is to set itself at the forefront of the blockchain movement (and draw companies to the state), Illinois might have a different motive. The state is broke. Enabling the residents to use cryptocurrency might actually help the state coffers.

In another move, California moved forward legislation that would allow corporations to record stock ownership and transfers on "one or more distributed networks" (read blockchain).

https://cointelegraph.com/news/bill-allowing-residents-to-pay-taxes-in-crypto-passes-arizona-house-committee

This is only going to open the floodgates. For those who are unaware of the United States system, there are many layers of government, starting with the Federal and working all the way down to the local town/city. For the most part, the Federal and the States are the ones that carry the weight. Often there is a power struggle between the two. The U.S. Consistution was written in a manner to protect the rights of the States from the Federal Government but, like most rights in the U.S., the Feds tend to walk all over that. Nevertheless, it is always helpful in your cause to have the states on your side, at least some of them.

What is interesting about this situation is we are dealing with money. One thing we can count on with governments is they are greedy and cannot operate sanely when it comes to money. Hence, most of the states in the US are broke. They are all looking for ways to get more money. Cryptocurrency might be the ticket for them.

I fully expect a mad rush from a number of other states to follow suit over the next couple of years. Each day we are seeing an industry mature before our eyes. What was once something that was viewed as a fad is being legitimized by both private and public entities.

We even see a headline where the CEO of NASDAQ said it would be interested in becoming a crypto exchange over time. So what was viewed by many as competition is open to embracing cryptocurrency.

By the way, someone should tell her that the entire NASDAQ could be picked up and placed on Bitshares. It would operate much better that way.

Forget the FUD. Cryptocurrency and blockchain is on fire.

We literally are at the start of a major revolution.

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