States Go Rogue and Bring the Profits Home

Amanda Heckman|March 19, 2022

Crypto has a new, powerful ally in the markets.

One that’s grown weary of the federal government’s hemming and hawing.

It’s not waiting for a top-down decision. It’s taking matters into its own hands.

And no, we’re not talking about the long-awaited interest rate hike this week. (But you can read our thoughts on it here.)

States across the country are adopting crypto… helping it become more entrenched in our lives… more stable… and potentially even more profitable.

Time’s Up

The crypto market cheered last week as President Biden unveiled his executive order on Bitcoin and friends.

He called for the government to examine the benefits and risks of crypto. He also wants to see sound regulation and oversight in the sector.

The order pulls together all the various departments working on crypto to create clear and consistent guidelines.

“That’s all well and good,” say the states. “But we don’t want to wait any longer.”

A number of states are coming up with their own laws on crypto. They’ve seen the writing on the wall…

After all, 40 million crypto investors, traders and users are voting with their wallets.

States are paying attention to them…

Arizona is looking to pass a bill making Bitcoin legal tender that could be used for payments of debt, state taxes and other dues.

A bill introduced in California would allow the state to accept crypto payments for state services such as permits, certificates, DMV licenses and state taxes. A separate proposal would make Bitcoin legal tender in the state if passed.

Colorado will begin to accept crypto payments for state taxes and fees by the end of summer.

And in Wyoming, a proposed bill would allow the state treasurer to issue stablecoins, a kind of cryptocurrency that attempts to offer price stability and is backed by a reserve asset such as the U.S. dollar.

These states are following the path cleared by cities like Jackson, Tennessee; Miami, Florida; and New York, which all began issuing payroll in Bitcoin late last year.

But the proposed moves take things much further.

These state-level laws would give clarity to crypto’s role in our economy… and make it more firmly entrenched in everyday life and business. And they could put the federal government on notice to get moving as well.

States are jumping in to paint a pretty picture of crypto’s role in our financial future. They are paying attention to the will of their people… and aren’t waiting for the federal government to take action.

For lovers of liberty, it’s a move that should be celebrated.

And for the crypto curious who have hesitated to jump in, now’s the time.

It’s why we have our eyes on three cryptos that will ride this next wave of adoption. They have the potential to be bigger than Bitcoin… to disrupt trillion-dollar industries… and to radically improve our world. Get the details here.