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“Crypto should be tax-exempt,” proposes Arizona senator Wendy Rogers

It is no secret that some states and lawmakers are for crypto adoption. Recently, an Arizona senator proposed a new pro-crypto bill.

Pro-crypto bill

Wendy Rogers, Arizona senator, and a pro-Trump Republican surprised with a tweet, where she cited Bitcoin as the best-performing asset in the world. Moreover, Rogers also showed her crypto bills.

Also read: Jon Corzine vs Sam Bankman-Fried – why regulations don’t matter

It’s worth noting that the Senator proposed to make Bitcoin legal tender one year ago. If the bill were to pass, people could use Bitcoin to pay a debt, taxes, and other dues. Although this bill hasn’t been passed yet, she seems determined to push Bitcoin to the state. 

Now Rogers has joined ranks with other State Senators to introduce a bill aiming at making crypto exempt from property tax. 

In 2023, Senators Wendy Rogers, Sonny Borrelli, and Justine Wadsack submitted a bill to have Arizona voters decide on modifying the state constitution to reduce property taxes. 

Tokens that are not “a representation of the United States dollar or a foreign currency” may be put to a vote in November 2024 to declare virtual money tax-exempt if the legislation passes the legislature.

There is a federal capital gains tax that must be paid on any profits made from the sale or acquisition of cryptocurrency in the United States. Some lawmakers want to enable residents to pay taxes in crypto. 

Read more: Jamie Dimon: Bitcoin is a hyped up fraud that doesn’t do anything

And notably, some have even proposed granting 0% capital tax gains to investors. It’s a very bodacious proposal after the world has seen how hard crypto fell in 2022. 

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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