Although this winter continues to test the case for Bitcoin (BTC) advocacy, some lawmakers are trying to name it on the crypto hot list between United States Senators Cynthia Lummis and Pat Toomey. State Senator Wendy Rogers, 68, introduced two bold bills in the Arizona legislature. One focuses on making BTC legal tender in the US. If put into law, BTC will have the same status as the US dollar, being the accepted medium of exchange for the payment of debts, public charges, taxes and dues in the country. The bill is not Rogers’ first attempt to legalize BTC, with a similar bill defeated in 2022.
Rogers is also involved in introducing a bill that seeks to make crypto a tax-free property in the country. Along with Senators Sonny Borrelli and Justine Wadsack, Rogers proposed that Arizona residents decide to amend the state constitution regarding property taxes. If the measure passes the legislature, voters could vote to make digital currencies — specifically tokens that are not “representative of the United States dollar or foreign currency” — tax-free.
While not as bold, another important bill was introduced in the New York State Assembly. The bill will allow state agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees and other payments levied by the state. The bill does not require state agencies to accept crypto as payment, but clarifies that state agencies can legally agree to accept such payments and courts must enforce such agreements.
The fate of crypto legislation will be decided by the Supreme Court of Panama
Panamanian President Laurentino Cortizo sent the crypto law passed last year to the high court for review, claiming that the so-called “crypto bill” is unenforceable and violates the core principles of the constitution. President Cortizo also confirmed that the bill had been approved through an inadequate procedure after the partial veto of the law in June 2022. At that time, the president confirmed that the bill needed more work to comply with the new regulations recommended by the Task Force Financial Action. to increase fiscal transparency and prevent money laundering.
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South Korea will deploy a cryptocurrency tracking system in 2023
South Korea’s Ministry of Justice has announced plans to introduce a crypto tracking system to combat money laundering initiatives and recover funds related to criminal activities. The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance. While the system is scheduled to be deployed in the first half of 2023, the South Korean ministry has indicated plans to develop an independent tracking and analysis system in the second half of the year.
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US securities regulators are investigating Wall Street over crypto holdings
The United States Securities and Exchange Commission (SEC) has investigated traditional Wall Street investment advisers who may offer custody of digital assets to clients without the appropriate qualifications. Much of the SEC’s effort in this study examines whether registered investment advisors have complied with rules and regulations regarding the custody of clients’ crypto assets. By law, investment advisory firms must be “qualified” to offer custodial services to clients and be subject to custodial protections set forth in the Investment Advisers Act of 1940.
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