Senator Raquel Terán in the Arizona Senate voted against SB1239 - which would allow state agencies in Arizona to enter into agreements with cryptocurrency service providers to accept cryptocurrency as a method of payment for various obligations due to the state, including fines, taxes, fees, and other assessments. The bill outlines the terms and conditions for such agreements, including the handling of service fees and the liability of the payer until the state receives full payment. It also defines "cryptocurrency" and "cryptocurrency service provider" for the purposes of these transactions.
The bill amends current law by adding the option for the Arizona Department of Revenue (ADOR) to accept cryptocurrency for tax payments, in addition to the existing methods such as bank drafts, checks, and electronic funds transfers. It also redefines the term "cryptocurrency issuer" to "cryptocurrency service provider" and specifies that such a provider must have experience converting cryptocurrency to legal tender.