As you know, since the adoption of Bitcoin in El Salvador, many states have been thinking about this possibility, which was previously brushed aside by politicians. Now, the issue of Bitcoin adoption has become serious.
It is California’s turn to advance this track: it must be said that Californians have a role in it since various actions have been put in place to push politicians to this adoption. Moreover, the Californian State benefits from another precious support with the presence of Dennis Porter in the follow-up of the bill. We are beginning to know him, a great defender of Bitcoin, he is an American politician who actively campaigns to adopt cryptos like Bitcoin in the United States.
He also considers the adoption of Bitcoin to be :
“a bottom-up approach, just as bitcoin is a bottom-up approach”Dennis Porter for a local media.
However, it has been reported that the adoption of Bitcoin in California has run up against the provisions of the US Constitution. Specifically, Article V of the Constitution is an obstacle.
“The states have the final say on what is in the Constitution, and if we have to, we will go to an Article V and rewrite the Constitution”Dennis Porterfor a local media.
What is the problem between the US Constitution and the adoption of bitcoin?
First of all, it is necessary to know that recently two bills were filed in the United States concerning the adoption of bitcoin, the first is the bill No. 2698 dated February 19 in the assembly, referred to committee for review, the second is the bill No. 1275 filed in the California Senate. According to the latter, Californians would be able to pay for state services with their cryptos, including bitcoins.
“We’ve started working directly with …, helping him draft the language of his bill, so that we can have two efforts in this area, one in the Senate, one in the Assembly, to try to increase our chances of getting something on the governor’s desk”.Ian Calderon for a local media.
Except that former California Assembly Majority Leader Ian Calderon has identified difficulties in carrying out this process.
“What we’re working on right now is that we have to be careful how we say it, because it could be detrimental to list bitcoin or ethereum, or any other specific asset, because it’s important to allow flexibility for businesses and local governments that would accept crypto-currencies as payment”Ian Calderon for a local media.
According to the U.S. Constitution, it is up to the legislators of the various states to define what the concept of “legal tender” refers to, but according to a lawyer from Anderson Kill, “This decision is largely symbolic” insofar as the Constitution provides that only Congress has the ability and jurisdiction to define what is legal tender or not.
In other words, it is up to him to decide whether to adopt bitcoin or ethereum as legal tender.
The need for clear legislation on the adoption of cryptos in the U.S.
Despite the lack of regulation, it is clear that many companies operating on American soil already offer payments in cryptos. Similarly, some states like Colorado have recently formalized the recognized right (soon) for residents to pay their taxes with their cryptos.
That’s why it’s becoming more than urgent to pass a law that clarifies things.
According to Michael Porter, this necessary clarification will result in better understanding and taxation of cryptocurrencies.
“Getting clarity will allow businesses and governments to work within regulatory guidelines. It’s very important that we get to a place where the average person, someone trying to pay for groceries, someone trying to pay their rent in digital assets can do so without a massive tax or accounting burden”.
By the way, an executive order from Joe Biden on Bitcoin in the US is expected to be issued later today. We will be sure to send you this information.
Source : WebSite cryptonews https://cryptonews.net/