While the ongoing Securities and Exchange Commission (SEC) vs. Ripple lawsuit is beginning to favor the XRP organization, other politicians around the United States are now devising their approaches to embracing crypto in the face of regulatory uncertainty. California will follow Colorado in allowing Bitcoin payments for government services. This is the country’s second major action this month, following Colorado, raising concerns about the future of cryptocurrency in the United States.
California will follow Colorado in allowing Bitcoin payments for government services
Sydney Kamlager, a state senator from California, proposed embracing cryptocurrencies as a form of payment in a senate bill. This law, according to the bill, would only apply to payments for government services. It is unclear whether private businesses and merchants are authorized to do the same.
At the moment, the entire debate of Bitcoin is a hot political topic, with certain politicians pushing for its acceptance and others refusing to even hear of it.
As previously stated, Colorado State Governor Jared Polis just announced that the state will begin taking cryptocurrency as a form of payment for taxes by the summer.
He went on to say that instead of holding them, the state would turn them into fiat via an intermediary as soon as they received them.
In addition, Aarika Rhoades, a politician running for the House of Representatives in California, has made crypto donations available to her campaign.
She has been outspoken in her support for cryptocurrency and its adoption, and she is following through on her promise to raise awareness about it. FXEmpire also published today on the potential for crypto mining in Georgia, as well as how the current state of legislation and tax savings may encourage more people to mine cryptocurrency.
Such events work as catalysts for crypto adoption, and once the White House issues its anticipated crypto executive order, there may be a lot more clarity on what the future holds for digital assets in the United States.
Since the fall in December and January, Bitcoin and the rest of the market haven’t been in great shape. Indeed, Bitcoin is currently down 14.51 percent since the latest downturn began seven days ago.
In such a volatile market, the issue of adoption appears to be pushed aside in favor of protecting investors’ money for certain politicians.
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Also read: Bitcoin wallet refuses a court order to freeze funds in Canada
