SB 1062
Initials PB Page 1 Caucus & COW
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
Senate: FIN DP 4-3-0-0 | 3
rd
Read 17-11-2-0
House: COM DP 6-4-0-0
SB 1062: legal tender; cryptocurrency
Sponsor: Senator Finchem, LD 1
Caucus & COW
Overview
Prescribes legal tender as a uniform statutory term and includes specie and cryptocurrency
as legal tender.
History
Various statutes currently provide a definition of legal tender and includes specie as a type
of legal tender. Legal tender, as used in various statutes, is defined as a medium of exchange,
including specie, that is authorized by the U.S Constitution or Congress for the payment of
debts, public charges, taxes and dues. Specie is defined as coins having precious metal
content.
Provisions
1. Prescribes legal tender as a uniform statutory term consisting of:
a) any medium of exchange that is authorized by the U.S. Constitution or Congress for
the payment of debts, public charges, taxes and dues;
b) specie, which are coins having precious metal content; and
c) cryptocurrency, which is any form of digital currency in which encryption techniques
are used to regulate the generation of units of currency and verify the transfer of
monies, including Bitcoin, XRP, Ethereum, Litecoin and bitcoin cash. (Sec. 1)
2. Makes conforming changes. (Sec. 2-8)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note