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Regulation and Policy

Cryptocurrency Mining Regulations Divides Arizona’s Lawmakers and Governor

Cryptocurrency Mining Regulations Divides Arizona’s Lawmakers and Governor

Arizona Governor Katie Hobbs has rejected a proposed legislation that aimed to prevent local authorities from imposing taxes on residential cryptocurrency mining operations.

In her veto letter, Hobbs, a Democrat, argued that the bill went too far in limiting local policymakers’ ability to address concerns related to blockchain technology and that its definition of the technology was too broad.

Given the concerns raised about the potentially energy-intensive nature of cryptocurrency mining, the proposed legislation could have implications for the state’s economy and energy consumption.

The bill, SB 1236, was introduced by Republican Senator Wendy Rogers, who has championed other pro-crypto legislation in the state, including a bill that sought to add Bitcoin to the list of legal tender.

READ MORE: Hester Peirce Condemns SEC’s “Regulation-by-Enforcement” Approach to Cryptocurrency

Rogers also proposed a bill that would allow state and local government agencies and school districts to pay their employees in virtual currency if they requested it.

Despite the veto, Hobbs expressed her willingness to collaborate with lawmakers to create comprehensive solutions encouraging economic growth and technological innovation while engaging with local stakeholders.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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