American states are increasingly interested in crypto.
While on the Federal level crypto is met with growing hostility, state governments are more and more numerous to see the opportunities crypto industry could bring. The states of Wyoming, Florida and Texas are already known for their crypto-friendliness and a plethora of incentives to attract crypto businesses. They can be joined by other states quite soon.
⚖️ This week the Governor of New Hampshire announced his ambitions to make his state a hub of financial innovation and attract businesses in the financial services sector. To fulfil these ambitions, he signed an executive order establishing a commission to investigate crypto-related laws and propose new ones.
⚖️ The Governor of Colorado announced that the state will start accepting Bitcoin as payment for taxes by this summer, with other state-related fees opening to Bitcoin in the months following the roll out. He insisted on Colorado being “a very forward-looking, innovative state”.
⚖️ Missouri State Representative has recently introduced a bill seeking to exempt Bitcoin from property taxes at the state, county, and local levels.
This initiative is also aimed at ensuring that “Missouri is open to innovation and opportunity as Bitcoin, other cryptocurrencies, and blockchain applications come to the market”.
⚖️ Earlier this year a State Senator introduced a Bill to make Bitcoin legal tender in #Arizona. U.S. Constitution doesn’t allow individual states to create their own legal tender though, so it is quite probable that the bill won’t be able to advance (repeating the fate of a similar bill from a Missouri House representative submitted in 2019). The intention is there, however, and more crypto initiatives may come.
State governments and city mayors are typically less concerned with dollar’s world dominance or the interests of the Big Finance, and more – with attracting businesses, taxes and jobs to their communities. Their interest in crypto shows the entrepreneurial spirit that America is famous for ?
It would be really great to see this spirit take over Washington D.C.’s bureaucracy.