California political advisors are drafting a bill that would make Bitcoin legal tender. The news comes close on the heels of previously reported Arizona and the Island of Tonga expressing similar intentions to legalize the king coin. It looks like the California bill is going to disrupt the legal tender race once again.
California political advisors are drafting a bill that would make Bitcoin legal tender
California is working on a new law that would make Bitcoin legal tender in the state. Former California State Assembly Majority Leader Ian C. Calderon, who is now a political strategist, tweeted that he is working on a new proposal with Bitcoin specialist Dennis Porter.
The announcement follows on the heels of Arizona and Tonga stating similar intentions to legitimize the king coin. The California law appears to be on track to disturb the legal tender race once more.
When Democrat Brad Sherman linked cryptocurrency to sub-prime mortgages at a Congressional hearing, he asked a Treasury Department official if “people of color will be left carrying the bag if we see a collapse in cryptocurrency or stablecoins?”
Sherman’s remarks sparked a flood of tweets, including one from Messari’s Ryan Selkis, who accused Sherman of making it a racial issue by refusing to debate his pro-crypto primary candidate Aarika Rhodes, who is Black.
Aarika Rhodes, a candidate for Congress in California’s 32nd District, is attempting to replace Congressman Brad Sherman [D-Calif.], who has described bitcoin as “a vehicle for economic justice.” “Can I say that I adore the Lightning Network?” “I believe that is the future,” Rhodes stated.
California was ranked first as the most crypto-ready jurisdiction in the United States last year, according to industry research from the review site Crypto Head, because of the proliferation of bitcoin ATMs and the growing interest in digital assets among the state’s inhabitants.
California, with a score of 5.72 out of ten, outperformed New Jersey (5.44), Texas (5.28), Florida (5.03), and New York (4.29) in the crypto-ready index. Furthermore, the point total for the state was 2.54 points greater than the national average.
California is the most prepared state for cryptocurrency, with a total score of 2.54 points higher than the national average. There were 977 crypto-related searches per 100,000 persons and 2,473 crypto ATMs, both national highs, but no state-specific legislation.
California is a tech powerhouse, with a thriving economy, a center of innovation, and a strong educational system. Apart from that, the western United States state is regarded by leaders and nations all over the world as the pinnacle of life quality and prosperity.
Crypto enthusiasts say that if Bitcoin is adopted in the state, it will almost certainly lead to hyperbitcoinization.
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